Bawan approves acquiring Al Fozan’s stake at Arnon Plastic

Bawan Co.’s shareholders have approved the proposed acquisition deal of Al Fozan Holding Co.’s stake at Arnon Plastic Industries Co. for a value of SAR 191 million, the company said in a bourse statement.

The deal will be concluded on commercial basis without any preferential terms where the some Bawan’s board members have interest in Al Fozan Holding.

The deal will be concluded on commercial basis without any preferential terms where some Bawan’s board members have interest in Al Fozan Holding.

In September, Bawan signed a non-binding agreement with Al Fozan Holding to acquire Al Fozan’s full stake at Arnon Plastic for SAR 205 million, according to data compiled by Argaam.