Riyadh – Mubasher: Saudi Industrial Export (SIEC) signed on Wednesday a memorandum of understanding (MoU) with TAAQAAT Technical Co. for Contracting.
The deal is valid for six months and aims to acquire 100% stake of the limited TAAQAAT, according to a bourse filing on Thursday.
Both parties agreed on the initial value of the deal so that it will be paid through issuing new shares of TAAQAAT shareholders by a capital increase process.
Saudi Export's board approved the acquisition on 22 January and Alistithmar Capital was hired as a financial advisor for the deal.
The company noted that the deal is subject to obtaining the official and the general meeting's approval.
