Anaam completes acquisition of 55% stake in ARW Industry

01/06/2022 Argaam

Logo of Anaam International Holding Group 

Anaam International Holding Group completed today, June 1, the acquisition of a 55% stake in ARW Industry Co., Anaam said in a bourse filing.
 

Anaam completed today the ownership transfer and all regulatory procedures, it said, adding that the deal falls within the company’s expansion plan to enhance its market position in line with strategic objectives.  
 

The deal has a total value of SAR 15 million, which will be paid in cash from the company's own resources in order to finance the increase of production lines and support sales of ARW Co., the statement added.

 

The relevant financial impact will be reflected on the financial results of the second quarter of 2022.

 

The company signed, on April 26, a binding sale and purchase agreement (SPA) to acquire 55% of ARW Industry Co. for SAR 15 million, according to data available with Argaam.

 

ARW Industry manufactures medical supplies at its factory in Jeddah 3rd Industrial City.

 

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