Riyadh – Mubasher: The board of Saudi Industrial Services Company (SISCO) has approved to acquire a 31.7% direct equity stake in the UAE-based Green Dome Investments (Green Dome) in exchange for SAR 44.5 million.
SISCO will hold a stake in Green Dome through a share ownership transfer from its 76%-owned subsidiary Saudi Trade & Export Development Company (LogiPoint), according to a bourse filing on Monday.
Subject to the approval of SISCO’s shareholders, the transaction is in line with the company's strategy to diversify its logistics services to customers.
Green Dome is a logistics investment fund that invests in profitable and well-managed companies.
The acquisition's financial impact will be registered in SISCO’s second quarter (Q2) of 2022 financials.