Saudi Automotive Services Company (SASCO) announced today Wednesday that it has acquired 80% stake in Oil Services Company Ltd., worth 1.1 billion riyals.
SASCO stated in a statement on Saudi Tadawul which will finance the agreement through own resources and banking facilities.
Oil Services Company Ltd. was founded in 1987, specializing in the field of petrol stations, automotive services and the distribution of petroleum products and services in Saudi Arabia owns and operates 233 locations spread across the globe in the whole Kingdom.
SASCO added that this agreement is part of its expansion strategy to acquire new sites, increase its market share and improve its reach and station network.
The deal was expected to positively impact its revenues and profits, starting in the second quarter of 2022.
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