3 days ago
Kuwait's Heisco acquires Saudi firm
Kuwait's heavy engineering industries and ship-building (Heisco), one of the region's largest companies in its field, said on Wednesday it has fully acquired a Saudi firm involved in the production of pressure vessels.
In a disclosure statement on Kuwait's bourse, where it is listed, Heisco said the deal has a value of around 17 million Saudi riyals ($4.5 million).
'The board of directors has approved increasing the company's ownership stake in Gulf Sky Factory for the production of pressure vessels in Saudi Arabia through the acquisition of the remaining 25 percent of the shares,' Heisco said.
Upon completion of the necessary procedures, the acquired company will become a wholly owned subsidiary with a total acquisition value of SAR57 million ($14.5 million), the company added.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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