RIYADH: Arabian Contracting Services Co. has entered into an agreement to acquire all shares of Faden Media for SR1 billion ($279 million).
The completion of the acquisition still requires the approval of relevant government authorities, as well as approval from the General Authority for Competition, according to a bourse filing.
The company, which is partly owned by the Middle East Broadcasting Company, is following a growth strategy which seeks to establish profitable alliances and partnerships locally and regionally
Al Arabia aims to benefit from its competitive advantages by acquiring a larger share of the outdoor advertising market, whether it is roadside advertising or indoor advertising, to advance the company’s position, maintain its leading position, and increase its market share, it said.
Founded in 2006, Faden Media is a limited liability company with a capital of SR25 million.
Faden’s business entails digital advertising media on buildings and retail stores throughout Saudi Arabia.
The MBC-backed firm saw its shares jump 2.73 percent in early trading on Wednesday to reach SR113.00, as of 10:08 a.m. Saudi time