SISCO’s subsidiary acquires Elite Group

Riyadh – Mubasher: Saudi Trade and Export Development Company (LogiPoint), a 76%-owned subsidiary of Saudi Industrial Services Company (SISCO), has fully acquired Elite Group.

The acquisition transaction was carried out through LogiPoint’s 31.7%-owned affiliate company Green Dome Investments, according to a bourse disclosure on Sunday.

The acquisition took place on 25 November, SISCO said, noting that LogiPoint’s contribution to Green Dome to date stands at SAR 58 million.

The expected financial impact will reflect on SISCO’s consolidated income statements during the fourth quarter (Q4) of 2021, through LogiPoint.

LogiPoint funded the acquisition transaction through a combination of debt and equity from Green Dome.

It is worth mentioning that Elite is a land freight and courier solutions provider in the Middle East. Meanwhile, this acquisition is forecast to give both SISCO and LogiPoint access to highly specialised overland freight and courier services business in Oman, Bahrain, Qatar, and the UAE.

Mubasher Contribution Time: 28-Nov-2021 11:48 (GMT)
Mubasher Last Update Time: 28-Nov-2021 11:48 (GMT)