“Taqat” acquires 100% of “Bayan Transportation” for 16.5 million riyals
The Mineral Energies Trading Company signed "Energies"Last Thursday, a contract was made to purchase Bayan Commercial Transport Company by 100%.
According to the company’s statement on the website "Saudi Arabia trading"This step comes in line with the company’s direction to expand its activities, noting that the company’s assets, licenses, and trade name will be acquired.
She explained that the details of the deal include:
1- Transferring ownership of the commercial registry of Bayan Transport Commercial Company to Mineral Energy Trading Company.
2- Transferring all assets, licenses and headquarters of Bayan Transport Commercial Company.
3- Transferring ownership of the trademark to Mineral Energy Trading Company.
/>4- Payment of the financial consideration within 15 days from the date of signing the contract.
5- Al-Taqia Metal Trading Company will bear the debt of the Bank Al-Bilad loan and the debt of the financial leasing contract for trucks from the Banque Saudi Fransi.
It stated that the value of the deal is 16.5 million riyals, and will be financed from the company’s available cash, as the entire value of the deal will be paid in cash.
The activity of Bayan Commercial Transport Company is the transport and resale of recyclable metals. Recycling.
This deal comes within the company’s expansion plans in its operational activities, transportation and logistics activities.
The financial impact of the deal is expected to increase revenues, which will be reflected in profitability, increase the company’s assets and liabilities, and expansion and growth in the Saudi market.
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