Logo ofSaudi Arabian Refineries Co. (SARCO)
Saudi Arabian Refineries Co. (SARCO) said its board approved the start of initial negotiations with a strategic investor to acquire an additional 36.5% stake in an operating company in the industrial services sector, in which SARCO currently owns a 27% stake, according to a Tadawul statement. 
The negotiations are at a preliminary stage, the company said, adding that the parties have exchanged non-final draft documents.
No final or binding agreements have been signed as of the date of the announcement, and there is no assurance that the parties will reach a final agreement or that the transaction will be completed, SARCO said.
The company said it would disclose any material developments related to the matter in accordance with the disclosure and transparency requirements of the Capital Market Authority and Tadawul.
As no final agreements have been signed, there is currently no financial impact on SARCO’s financial statements, SARCO added.
Logo ofSaudi Arabian Refineries Co. (SARCO)
Saudi Arabian Refineries Co. (SARCO) said its board approved the start of initial negotiations with a strategic investor to acquire an additional 36.5% stake in an operating company in the industrial services sector, in which SARCO currently owns a 27% stake, according to a Tadawul statement.
The negotiations are at a preliminary stage, the company said, adding that the parties have exchanged non-final draft documents.
No final or binding agreements have been signed as of the date of the announcement, and there is no assurance that the parties will reach a final agreement or that the transaction will be completed, SARCO said.
The company said it would disclose any material developments related to the matter in accordance with the disclosure and transparency requirements of the Capital Market Authority and Tadawul.
As no final agreements have been signed, there is currently no financial impact on SARCO’s financial statements, SARCO added.
