SARCO Signs MoU to Acquire Gesico Shares in Exchange for Issuing New Shares

Saudi Arabia Refineries Company (SARCO) announced it has signed a non-binding memorandum of understanding (MoU) to acquire all shares of the shareholders in the German Saudi Industrial Company (Gesico) through a capital increase.

The proposed transaction involves issuing new shares in SARCO to the shareholders of Gesico. An initial valuation has been agreed upon, with the final value to be determined following due diligence.

The MoU is effective from the date of execution and will remain valid for 90 days, unless extended by mutual agreement.