A subsidiary of “Refineries” signs a memorandum of understanding to acquire 33% of “Global West”
The Saudi Arabian Refineries Company announced that its subsidiary, Masafi Venture Company, signed a non-binding memorandum of understanding with Khadra Al-Hejaz Environmental Services Company to purchase a 33% ownership stake in Global Waste Solutions.
The company said in a statement on its website "Saudi Arabia trading": The purchase of a share in Global Waste Solutions Company is for the purpose of developing the company’s business in the field of treating various types of industrial waste, including: caustic waste, acidic industrial waste, alkaline industrial waste, and treating oily sludge accumulations.
According to the statement, the memorandum is effective from the date of its signing by the parties and will remain in force for a period of 3 calendar months unless the parties agree otherwise in writing.
It is expected that this deal will contribute positively to the financial statements. For the Refineries Company by the end of the fourth quarter of 2026.
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