Olayan Financing Company (OFC) has acquired from Schindler a minority stake of 10 percent in Saudi Elevator Company, a statement said.

The company will be renamed "Schindler Olayan Elevator Company Ltd" and both partners will be represented equally on the board of directors of the company, it said.

Both have agreed not to disclose further details about the transaction.
 
In 2010, Schindler became the sole owner of Saudi Elevator, acquiring 80 per cent of the shares to add to the 20 per cent that it already owned. The acquisition strengthened the position of the Schindler Group in the Gulf region's largest market, the statement said.
 
Founded in Switzerland in 1874, the Schindler Group is a leading global provider of elevators, escalators and related services.

Founded in 1947, The Olayan Group is a private, multinational enterprise made up of over 40 companies and affiliated businesses. - TradeArabia News Service