‎SISCO board approves acquisition of 31.7% stake in Green Dome for SAR 44.5 mln

‎SISCO board approves acquisition of 31.7% stake in Green Dome for SAR 44.5 mln

Saudi Industrial Services Co.’s (SISCO) board of directors approved the acquisition of a 31.7% direct equity stake in Green Dome Investments LLC (Green Dome) through a share ownership transfer from its subsidiary, Saudi Trade & Export Development Co. (LogiPoint), a related party, for SAR 44.5 million, according to a bourse filing today, March 21.

The acquisition is subject to shareholder approval at SISCO’s annual general meeting. The date of the upcoming meeting will be announced in due course.

LogiPoint is a 76%-owned subsidiary of SISCO.

Headquartered in Dubai, UAE, Green Dome is a logistics investment fund that invests in profitable, well-managed companies with a track record of success, focusing on companies that will benefit from demand for integrated logistics in the wider GCC region.

On Nov. 25, 2021, Green Dome acquired 100% of the share capital of Elite Logistics LLC (Elite), to which LogiPoint, as a 31.7% shareholder in Green Dome, made an initial capital contribution of SAR 58 million.

Following the completion of the acquisition, based on the financial strength and strong prospects of Elite, Green Dome was able to secure acquisition debt finance of SAR 42.5 million, thus reducing the equity contribution required from Green Dome’s shareholders by SAR 42.5 million.

As a result,