The Saudi Automotive Services Company (SASCO) announced today, Wednesday, that it has acquired 80% of the capital of the Oil Services Company Ltd., with a value of 1.1 billion riyals.
SASCO said in a statement on the Saudi Tadawul that it will finance the deal through self-resources and bank facilities.
The Oil Services Company Ltd. was established in 1987, specializing in the field of gas stations, car services, and the distribution of petroleum products and services in Saudi Arabia. It owns and operates 233 locations spread throughout the Kingdom.
SASCO added that this deal comes within the framework of its expansion strategy to acquire new sites, increase its market share, and enhance its reach and network of stations.
It expected the deal to positively affect its revenues and profits, starting from the second quarter of 2022.
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