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Two Saudi companies have received separate approvals from Kuwait’s Competition Protection Agency that clear the way for them to go ahead with acquisitions in the country, the agency said on X (here, and here). The agency is reviewing two other requests for clearance from Saudi companies.
Oil giant Aramco has the go-ahead to buy EIG’s LNG unit, MidOcean Energy.Aramco finalized agreements to acquire a minority stake worth USD 500 mn in MidOcean Energy in September 2023.
The second merger involved chemical product manufacturers Mapei Saudi, Mapei Italy, and the Dammam-based waterproofing systems manufacturer Bituminous Products Saudi. Mapei acquired all shares of Bitumat, from a fund managed by Gulf Investment Corporation.
In the pipeline: Approval for Sabic’s Saudi Iron and Steel Company (Hadeed) to acquire 100% of Rajhi Steel in a transaction that would see the shareholders of Al Rajhi Investment get shares in Hadeed, CPA said in a separate post.
BUT- The agreement is contingent on the Public Investment Fund (PIF) getting the nod from the regulatory agency to acquire 100% ownership of Hadeed, after which PIF will sell an additional number of Hadded shares to Al Rajhi Investment. Sabic said in September 2023 that PIF would buy 100% of its stake in Hadeed.
