Al-Hassan Shaker to buy home appliance Company for SAR 20 million

11/09/2014 Argaam

Al-Hassan Ghazi Ibrahim Shaker Company signed a deal today to take full control of Asdaa Al-Khaleej Trading Company, the home appliance distributer based in Saudi Arabia, for SAR 20 million

The company will finance the deal from its own resources and the sum will be paid in cash, a filing to Tadawul.

Asdaa Al-Khaleej Trading Company is 52.4 percent owned by Adwaa Al-Sawwan Trading Company, while the remaining stake is held by Mr. Abdullah Abdulrahman Al-Shuraim.

The target firm posted total sales of SAR 24 million in 2013 and a net profit of SAR 2.6 million.

Regulatory approvals need to be secured by November 30 to finalize the deal.

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