Bawan hires financial, legal advisors for Arnon’s acquisition

Bawan Co. on Wednesday appointed Riyad Capital as financial advisor for its potential acquisition of Arnon Plastic Industries Co Ltd., the company said in a statement to the Saudi bourse, Tadawul.

Abuhimed Alsheikh & Alhagbani (AS&H) and Clifford Chance were hired as legal advisors. Meanwhile, PricewaterhouseCoopers (PwC) along with Bain & Company were mandated to conduct the financial and commercial due-diligence studies, respectively.

Bawan will duly disclose the related financial impact as well as any relevant updates, the statement added. 

Last month, Bawan signed a non-binding memorandum of understanding (MoU) with Al Fozan Holding Group to acquire 100 percent of Arnon Plastic Industries Co Ltd. for a total value of SAR 205 million, Argaam reported.

The preliminary agreement, which came as part of Bawan’s strategy to diversify its customer base and product mix, will remain valid for three months from the signing date.