Logo of Arabian Contracting Services Co.
Arabian Contracting Services Co.’s (Al Arabia) shareholder will vote on a bank loan request worth SAR 1.05 billion, to complete the procedures of acquiring Faden Media, during an ordinary general meeting, scheduled for March 28, according to a statement to Tadawul.
The company's board of directors approved on Oct. 11, 2022, a purchase agreement to fully acquire Faden Media for SAR 1.05 billion, according to data available with Argaam.
After completing the acquisition, Faden Media will be a fully-owned subsidiary of Al Arabia.
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Deal Details |
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Transaction |
Acquisition of Faden Media |
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Target Stake |
100% |
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Value |
SAR 1.05 bln |
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Parties |
Al Arabia (buyer) and Prince Abdulaziz bin Mashhor Al Saud, owner of Faden Media (seller) |
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Finance |
Bank loans and the company's own resources |
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Faden Media Financials |
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
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2019 |
95.69 |
43.47 |
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2020 |
85.68 |
28.43 |
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2021 |
144.61 |
85.91 |
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Q1 2022 |
39.10 |
11.10 |
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The e-voting on the agenda items will start on March 24.
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