SASCO signs a memo of understanding for a new acquisition:

29/10/2013 Argaam

The Saudi automotive services Company "SASCO" announced in a statement on Tadawul today the signing of a memorandum of understanding with Najmat Al Madae'n group and Mr. Maged AlOthman on 29/10/2013 for the acquision of Zeity for Petroleum services.

 

SASCO is looking forward to fully acquire Zeity which is 95% owned by Najmat Al Made'n and 5% by Mr. Maged AlOthman to expand its business and increase operating revenue through operating the 48 gas stations owned by Zeity.

 

This acquisition will take place after reviewing the financial data, valuating the carrying amount of Zeity, and getting necessary approval from SASCO's BOD. 

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