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M&A WATCH-
#1- Almarai’s subsidiary Teeba Investment for Developed Food Processing inked an agreement that will see it takeover Jordan-based dairy producer Hammoudeh Food Industries for SAR 263 mn, Almarai said in a disclosure to Tadawul. The potential transaction will be financed through Almarai’s internal cashflows.
#2- Sarco inches closer to acquiring Golden Compass: Oil refineries operator Saudi Arabian Refineries Company (Sarco) has tapped undisclosed advisors for its potential acquisition of Golden Compass Mining Services Company through a share-swap agreement, it said in a disclosure to Tadawul
FINANCIAL SERVICES-
#1- Al Etihad Cooperative Ins will provide reins. coverage against the default of Saudi Re under a SAR 208.7 mn, one-year reins. contract, according to a disclosure to Tadawul. The would see Al Etihad cover the outstanding financial dues and wages owed to non-Saudi employees in the event of Saudi Re’s default.
#2- Damanat + SRC: PIF-owned Saudi Real Estate Refinance (SRC) has inked an MoU with Saudi Mortgage Guarantees Services Company (Damanat) that would see the latter provide coverage for the mortgage portfolios owned by the fund, according to a joint statement.
HOSPITALITY-
Built Industrial to construct The Point Abha multi-use project: Ladun Investment’s subsidiary Built Industrial was awarded a SAR 645.7 mn contract by the Real Estate Development Fund (REDF) for the construction of a 75k sqm multi-use project dubbed The Point Abha, according to a disclosure to Tadawul. Information about the timeline wasn’t disclosed.
SERVICES-
Global management consulting player Trascent and Saudi-based Gulaid Holding have launched a new JV, Trascent Arabia, in the facilities management sector, according to a press release. The JV will provide management consulting services, along with contract execution and management, and program management.
TOURISM-
PIF-owned Aseer Investment partnered with Nmr Real Estate and the National Company for Tourism (Syahya) to develop a tourism project in central Abha in Aseer, according to state news agency SPA. The development will include coffee shops, restaurants, and retail stores. No details were provided on the timeframe or investment ticket of the project.
