“Aqasim” signs a memorandum of understanding to acquire 40% of “Leader Automotive Service”
Company announced "Aqaseem Factory for the manufacture of chemicals and plastics" Signing a non-binding memorandum of understanding to acquire 40% of the company’s capital "Leader Express Car Service"
The memorandum, which was signed on November 27, extends, according to a statement on… "Saudi Arabia trading"For a period of 6 months, she indicated "Axis" To appoint a company "Financial value" As a financial advisor for the deal, it will finance the deal through its own resources.
The memorandum stipulates that it will conduct a legal and financial due diligence examination, obtain the approval of the Competition Authority, make a fair evaluation from an accredited evaluator, and obtain a fair opinion from a financial advisor licensed by the Capital Market Authority.
Under the agreement, the current shareholders will not directly or indirectly own any share or manage any competing business in The business sector of the company in which a minority stake is acquired in the Kingdom of Saudi Arabia or in the Gulf Cooperation Council countries. In addition, none of his direct or indirect family members will have any competing businesses for a period of 5 years from the date of closure.
Leader Express Automotive Service Company is one of the leading companies in the field of vehicle maintenance and repair services in the Kingdom of Saudi Arabia, as it provides a full range of services for changing and selling all types of car oils as well as light maintenance, tire services, vehicle care, and other specialized services related to car service. The company also owns and operates a wide network of more than 67 specialized service centers distributed in various regions of the Kingdom, making it one of the most prominent vehicle service providers in the local market.
The financial impact of the acquisition is expected to have a positive and tangible impact in the medium and long term on the Aqaseem Chemical and Plastic Materials Factory Company, given the strong operational performance and accelerated growth witnessed by Leader Express Automotive Service Company.
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