SISCO subsidiary LogiPoint acquires Elite Group

Saudi Industrial Services Co. (“SISCO” or “the Company”) announced on Sunday that its subsidiary Saudi Trade and Export Development Company (“LogiPoint”) (which is 76% owned by SISCO), has acquired Elite Group (“Elite”) through its affiliate company Green Dome Investments LLC (“Green Dome”) which is 31.7% owned by LogiPoint.

Green Dome has acquired 100% of the share capital of Elite.

The transaction was completed on 25 November 2021 LogiPoint’s contribution to Green Dome to date is SR 58 million.

The impact of the transaction will be reflected in SISCO’s Q4 2021 consolidated financial statements through SISCO’s subsidiary LogiPoint.

Elite is a leading fully integrated land freight and courier solutions providers in the Middle East. Elite has over 1000 staff, 600 trucks and 9,290 square meters (100,000 square feet) of warehouse capacity.

This acquisition gives SISCO and LogiPoint access to a highly specialized overland freight and courier services business with state-of-the-art operations and assets across Oman, Bahrain, Qatar and the United Arab Emirates, with its regional hub in Dubai.

The transaction is in line with SISCO’s new 5-year strategy which aims to expand its presence in logistics services with an emphasis on an asset light model to provide an end-to-end solution for the rapidly growing regional e-commerce sector.

The transaction is funded through a combination of debt and equity via Green Dome.

There are no related parties in this transaction.