Alwasail Industrial Co. Announces an update on the signed a purchase agreement with the partners in Shawcor Composite Piping Systems Middle East Limited, to fully acquire the company.
|Introduction||Reference to Alwasail Industrial Company’s announcement published on 24/11/1444 AH corresponding to 13/06/2023 AD regarding the acquisition of all ownership shares of Shawcor Composite Pipe Systems Middle East Ltd. with a total transaction value of two million (2,000,000) Saudi riyals. Accordingly, the company is pleased to announce The General Authority for Competition announces the issuance of a no-objection document pursuant to its decision No. 710 dated 25/04/1445 AH corresponding to 09/11/2023 AD in respect of a non-objection to completing the economic concentration transaction arising from the acquisition of the partners’ shares in Shawcor Composite Pipe Systems Middle East Limited. |
The company will also announce all essential developments in this regard.
|Previous Announcement||Alwasail Industrial Company announces that it has signed a purchase agreement with the partners in Shawcor Composite Piping Systems Middle East Limited, to fully acquire the company.|
|Date of Previous Announcement on Tadawul's Website||2023-06-13 Corresponding to 1444-11-24|
|Percentage of fulfilled achievement||70 %|
|Event's Expected Completion Date||31/12/2023|
|Reasons for Exceeding the Announced End Date||None|
|The costs associated with the event, and if they have changed or not with indication of the reasons.||There is no change in cost|
|Impact of the Delay on the Company's Financial Results||None|
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