Bawan Company announced receiving a no-objection decision from the General Authority for Competition to proceed with the economic concentration process for acquiring 100% ownership of Petronash Holding Limited.
The acquisition agreement, valued at SAR 656 million, includes an initial payment of SAR 300 million for the transfer of 80% of Petronash’s shares to Bawan, subject to the conditions stated in the agreement. An additional SAR 225 million will be paid if specific financial targets are met over the three-year period from 2024 to 2026.
