Mayar Subsidiary Acquires Two Maintenance and Elevator Companies for SAR 40 Million

Mayar Holding Company announced on Monday that its subsidiary, Elevator Solutions for Investment, has signed a contract to acquire 100% of the Saudi Installation, Operation and Maintenance Contracting Company and 100% of the Smart Elevators Company through a binding purchase agreement for SAR 40 million.

Mayar Holding explained that Elevator Solutions Investment Company, the acquiring company, will hold a 28% share. The binding purchase agreement is subject to a number of necessary terms and conditions before completion, including regulatory and commercial procedures.

The payment will be made through the company’s own sources, as per the arrangements between the seller and the buyer, within a time period of one year. The acquisition aims to:

• Enhance the market share of Elevator Solutions Investment Company.
• Provide integrated solutions to the company’s customers and diversify the company’s product portfolio.
• Diversify the company’s elevator product basket.
• Increase the company’s share in the Saudi elevator market.

The financial impact of this deal is expected to appear during the second half of the fiscal year 2024.

Parties of the Transaction:

• Buyer: Elevator Solutions Investment Company
• Sellers: Abdul Rahman bin Abdul Aziz Al-Yabis, Faisal bin Abdul Rahman bin Abdul Aziz Al Yabis