ABU DHABI — Abu Dhabi's ADNOC Distribution said on Monday it has executed two agreements to acquire 20 service stations in Saudi Arabia for 56.9 million dirhams ($15.5 million), increasing its total network in the Kingdom to 37. The acquisition is, however, subject to certain conditions (including obtaining regulatory approvals). The two transactions consist of 20 service stations in the Eastern, Central, and Riyadh regions of the Kingdom, with a total purchase consideration of up to 56.9 million dirhams ($15.5 million).The company signed an agreement on Dec. 30, 2020 to acquire 15 service stations in Saudi Arabia following the success of two stations launched in 2018.Commenting on the development, Ahmed Al Shamsi, acting chief executive officer of ADNOC Distribution, said, "We set ambitious growth targets for 2020 and it is testament to our resilient business model that we not only met but exceeded guidance in terms of both new station openings and convenience store refurbishments. "ADNOC Distribution is well placed to continue building on recent success, in the UAE and beyond, in the year ...read more...
SectorOil & Gas