Riyadh – Mubasher: United Wire Factories Company (Aslak) has signed a non-binding memorandum of understanding (MoU) to acquire a stake in Dammam-based A-1 Fence Arabia, wholly owned by the UAE's A-1 Fence DMCC Company.
The possible acquisition aims to enable Aslak to diversify its sources of income and maximise its profitability through various investments, according to a bourse filing on Monday.
Effective for a 90-day period from the date of its signature, the non-binding agreement determines the initial mutual obligations and rights between the two parties for the acquisition process.
It is noteworthy to mention that in 2021, Aslak recorded a 25.6% year-on-year (YoY) decrease in net profits after Zakat and tax to SAR 46.2 million from SAR 62.1 million.
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