(SASCO) Company announced recently that it has purchased 80 percent of the capital of Oil Services Company Ltd. for 1.1 billion riyals.
SASCO said in a statement on the Saudi Tadawul that the acquisition will be financed by internal resources and bank loans.
The Saudi Company was founded in 1987 and it is specialized in gas stations, vehicle services, and petroleum products. It has 233 locations in the Kingdom that it owns and operates.
This agreement is part of SASCO’s expansion strategy, which includes acquiring additional sites, increasing market share, and expanding its reach and network of stations.
Beginning in the second quarter of 2022, it projected the purchase to have a beneficial impact on revenue and profitability.