The Saudi Automotive Services Co. has acquired 80 percent of gas station operator NAFT Services Limited Co. for SR1.1 billion ($293.3 million).
The deal comes as part of SASCO’s expansion strategy to acquire new sites, increase market share, and enhance its reach and network of stations, the company said in a stock exchange filing.
The purchase is expected to have a positive financial impact on SASCO’s revenues and profits from the second quarter of 2022.
The Saudi-listed firm operates car service stations, restaurants, and a gasoline transporter fleet. It also supplies spare parts for use in its workshops.
NAFT owns and operates 233 gas stations throughout Saudi Arabia. It is also involved in car services and petroleum products distribution.