SISCO’s subsidiary LogiPoint acquires Elite Group

The transaction is to be funded through bank financing and direct cash investment

  
A Saudi trader monitors stock information at ANB Bank in Riyadh, Saudi Arabia December 15, 2020.

A Saudi trader monitors stock information at ANB Bank in Riyadh, Saudi Arabia December 15, 2020.

REUTERS/Ahmed Yosri
Saudi Trade and Export Development Co. (LogiPoint) has acquired Elite Group through Green Dome Investments LLC, according to a bourse filing by its parent Saudi Industrial Services Co.

The transaction was concluded on Nov. 25, with LogiPoint’s investment in Green Dome valued at SR58 million ($15 million).

SISCO expects the impact of the transaction to be shown in the consolidated financial statements of the fourth quarter of 2021, through LogiPoint.

The transaction is to be funded through bank financing and direct cash investment.

Elite Group is an integrated land freight and courier solutions provider in the region.

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