Saudi Arabian Refineries Company (SARCO) said it has extended a non-binding agreement - inked with German Saudi Industrial Company (GSIC) to acquire its entire stake -  for an additional three months. GSIC is a JV between Saudi group FTCP and Germany's Desatec.

 

The extension is due to the company's appointment of specialised advisers, and to carry out the necessary procedures for completion of the transaction, including financial, legal, commercial and technical evaluations, in order for the company to complete the transaction in accordance with the regulatory procedures, said SARCO in its filing to Saudi bourse Tadawul.

 

On the stake acquisition, SARCO said it will be done in exchange for the issuance of new shares in the company through an increase in the company's capital.

 

The Saudi Arabian Refineries Company has also signed a similar deal extension with Golden Compass Mining Services Compnay for acquiring the entire stake in the company.

 

The deal entails issuing new shares through a capital increase as part of the proposed deals, it added.-TradeArabia News Service