Saudi Lime Industries Company signed a conditional binding agreement to acquire Astra Mining Company Limited from Astra Industrial Group Company and Tharawat Mining Company for approximately SAR 160 million.

Saudi Lime Industries Company (SASE:9566) signed a conditional binding agreement to acquire Astra Mining Company Limited from Astra Industrial Group Company (SASE:1212) and Tharawat Mining Company for approximately SAR 160 million on February 21, 2024. The consideration consists of SAR 35 million paid towards common equity and SAR 129.6 million paid towards non-convertible debt. For the fiscal year 2022, the revenue of Astra Mining was SAR 33.9 million. The transaction was financed from borrowings from Saudi banks and the remainder paid through the company's own resources.

The transaction is subject to signing an Escrow Agreement, obtaining regulatory approvals from official authorities. The transaction is expected to close within three months from the signing of agreement.