SAWT BEIRUT INTERNATIONAL

| 28 September 2022, Wednesday |

Saudi Arabia’s Sisco to acquire 31.7% stake in Dubai’s Green Dome

To expand its logistics investments, Saudi Industrial Services Company (Sisco) is buying a 31.7 percent share in Dubai-based Green Dome.

Sisco said in a statement to the Tadawul stock exchange on Monday that its board of directors approved a plan to buy a stake in logistics investment fund Green Dome from its subsidiary Saudi Trade and Export Development Company, also known as LogiPoint, in a share swap deal worth 44.5 million Saudi riyals ($11.86 million).

Sisco is a holding corporation with a diverse portfolio of assets covering industries like ports, logistics, and water.

“Integrating Green Dome directly into the Sisco group would enable us to unlock and realize considerable synergies for both Sisco and Green Dome,” said Mohammed Al Mudarres, Sisco’s CEO.

The logistics sector continues to do well, owing to increased demand from e-commerce enterprises as a result of the coronavirus epidemic, which has resulted in a surge in digital transactions.

According to a report conducted by logistics company Agility, the UAE is among the top three logistics centers in emerging countries, as the country continues to improve its digital infrastructure and strengthen its business environment.

Green Dome invests in companies that are “positioned” to benefit from the GCC region’s expanding demand for integrated logistics.

On Monday, Sisco also stated that it is making “excellent progress” in implementing its recently amended five-year growth strategy.

The company has partially unloaded its direct equity position in the Red Sea Gateway Terminal Company, grown its subsidiary LogiPoint, and awarded a sewage water treatment plant contract in the water solutions area in the recent 12 months.

“The board and management are actively exploring a variety of investment opportunities both locally and abroad, and we will provide more information on these investments as they become available,” Sisco added.

The acquisition is subject to shareholder approval, and the transaction’s impact will be reflected in Sisco’s second-quarter financial statement, according to the business.

 

    Source:
  • The National News