Riyadh – Mubasher: The Saudi Automotive Services Company (SASCO) has acquired 80% of NAFT Services Limited Company’s share capital in exchange for SAR 1.1 billion.
The transaction was funded through SASCO’s self-resources and bank facilities, according to a bourse filing on Wednesday.
Founded in 1987, NAFT's businesses focus on the fields of gas stations, car services, and distribution of petroleum products and services across Saudi Arabia.
The deal is in line with SASCO’s expansion strategy to acquire new sites and raise its market share.
This transaction is expected to have a positive impact on SASCO’s revenues and profits, starting from the second quarter (Q2) of 2022.
It is worth noting that during the third quarter (Q3) of 2021, SASCO recorded a 34.6% year-on-year (YoY) decrease in net profits after Zakat and tax to SAR 11.4 million from SAR 17.45 million.
