Falaj Holding Company signed an agreement to acquire 98.75% of Zain Industries Company from Alujain Corporation for SAR 15.2 million.

Falaj Holding Company signed an agreement to acquire 98.75% of Zain Industries Company from Alujain Corporation (SASE:2170) for SAR 15.2 million on July 10, 2023. The price of SAR 15.2 million for the fixed assets, goodwill of the company. In 2022, Zain Industries has revenues of SAR 21.9 million and Net Loss of SAR 7.02 million.

The proceeds will be used for general corporate purposes. The completion of the transaction is subject to a number of preconditions, The net assets (current assets less current liabilities) will be determined, verified and paid within 120 days after the sale, based on company’s financial statements which will be prepared within 90 days and Obtaining the required regulatory approvals.