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.

Source: Mubasher

All Rights Reserved - Mubasher Info 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.