RIYADH: Arabian Contracting Services Co.'s shares increased on the news that it has entered into an agreement to acquire all shares of Faden Media for SR1 billion ($279 million).
The Middle East Broadcasting Co.-backed firm saw its shares increase 0.18 percent at the end of Wednesday's trading to reach SR110.20.
The completion of the acquisition still requires the approval of relevant government authorities, as well as approval from the General Authority for Competition, according to a bourse filing.
The company is following a growth strategy that seeks to establish profitable alliances and partnerships locally and regionally.
Al Arabia aims to benefit from its competitive advantages by acquiring a larger share of the outdoor advertising market, whether it is roadside advertising or indoor advertising, to advance the company's position, maintain its leading position, and increase its market share, it said.
Founded in 2006, Faden Media is a limited liability company with a capital of SR25 million.
Faden’s business entails digital advertising media on buildings and retail stores throughout Saudi Arabia.
