RIYADH: Saudi Industrial Services Co.’s board approved plans to acquire a 31.7-percent stake in UAE’s investment firm Green Dome as the former bids to beef up its logistics portfolio.
Shares currently owned by subsidiary LogiPoint will be transferred to SISCO at SR44.5 million ($12 million), according to a bourse filing.
The Saudi firm said in the statement that the financial impact of the transaction, subject to shareholders’ approval, is expected to roll out on its financial statements in the second quarter of 2022.
“Integrating Green Dome directly into the SISCO group supports our five-year strategy to deepen our penetration of the logistics services space and will enable us to unlock and realize significant synergies for both SISCO and Green Dome,” said SISCO’s CEO, Mohammed Al-Mudarres.