RIYADH: Shares of Saudi Industrial Services Co., SISCO, went down today as the company announced to buy a stake in UAE's Green Dome.
Following the announcement, shares in SISCO edged 0.36 percent lower on Monday to close the session at SR27.7.
SISCO's board has approved plans to acquire a 31.7 percent stake in UAE’s investment firm Green Dome, as the former bids to beef up its logistics portfolio.
Shares currently owned by subsidiary LogiPoint will be transferred to SISCO at SR44.5 million ($12 million), according to a bourse filing.
The Saudi firm said in the statement that the financial impact of the transaction, subject to shareholders' approval, is expected to roll out on its financial statements in the second quarter of 2022.
“Integrating Green Dome directly into the SISCO group supports our five-year strategy to deepen our penetration of the logistics services space. It will enable us to unlock and realize significant synergies for both SISCO and Green Dome,” said SISCO’s chief executive officer, Mohammed Al-Mudarres.
