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Logo of Arabian Contracting Services Co. (Al Arabia)
Arabian Contracting Services Co. (Al Arabia) announced completing all procedures related to the 100% acquisition of Faden Media and the transfer of its ownership to the former.
In a statement to Tadawul today, Oct. 31, Al Arabia noted that it is currently working diligently to meet all the conditions set forth by the General Authority for Competition (GAC) within the statutory six-month deadline.
The relevant financial impact will be reflected at the end of the fourth quarter of 2023 when the financial statements are consolidated with Faden Media, the statement added.
According to data available on Argaam, in October 2022, the company’s board of directors approved a purchase agreement to fully acquire Faden Media, for SAR 1.05 billion.
In August 2023, Al Arabia obtained conditional approval from GAC to takeover Faden Media.
|
Deal Details |
|||
|
Transaction |
Acquisition of Faden Media |
||
|
Target Stake |
100% |
||
|
Value |
SAR 1.05 bln |
||
|
Parties |
Al Arabia (buyer) and Prince Abdulaziz bin Mashhor Al Saud, owner of Faden Media (seller) |
||
|
Finance |
Bank loans and Al Arabia’s internal resources |
||
|
Faden Media's Financials |
Period |
Revenues (SAR mln) |
Net Profit (SAR mln) |
|
2019 |
95.69 |
43.47 |
|
|
2020 |
85.68 |
28.43 |
|
|
2021 |
144.61 |
85.91 |
|
|
Q1 2022 |
39.10 |
11.10 |
|
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