SARCO unveils details on majority stake acquisition agreement

SARCO
2030 -0.99% 48.14 -0.48

Riyadh – Mubasher: Saudi Arabian Refineries Company (SARCO) announced a follow-up regarding the acquisition of an 85% ownership stake in Lawazim Advanced Industries by its subsidiary, Masafi Ventures Holding.

The transaction, funded through the company's internal resources, is designed to strengthen the firm's presence in the wood and metal manufacturing sectors while leveraging existing production capacities and growth opportunities.

In a regulatory disclosure providing additional financial transparency for the target asset, the company reported audited net profits for Lawazim Advanced Industries of SAR 112,174 for 2023, SAR 748,601 for 2024, and SAR 865,505 for 2025.

The company stated there is no immediate material financial impact on its consolidated financial statements. However, a positive impact is expected to materialize in the fourth quarter (Q4) of 2026 following the completion of ownership transfer procedures and the subsequent consolidation of financial results.

SARCO confirmed it will disclose further material developments regarding closing procedures or due diligence results as they become available.

Source: Mubasher Source: {{details.article.source}}