Arabian Contracting Services Company (SASE:4071) entered into an agreement to acquire Faden Media from Prince Abdulaziz bin Mashhor bin Mosaad bin Abdulaziz Al Saud for SAR 1.1 billion on October 11, 2022. Arabian Contracting Services will pay 70% of the transaction value upon completion of the agreement and the remaining 30% will be paid on March 31, 2023. The transaction will be financed from the bank loans and from own resources. Faden has revenues of SAR 144.6 from 2021. The acquisition is approved by board of directors of Arabian Contracting Services. The completion of the transaction is subject to a few preconditions including obtaining approvals from the relevant government authorities, and obtaining the approval of the General Authority for Competition. As of August 21, 2023, General Authority for Competition has approved the transaction.

Arabian Contracting Services Company (SASE:4071) completed the acquisition of Faden Media from Prince Abdulaziz bin Mashhor bin Mosaad bin Abdulaziz Al Saud on October 31, 2023.