Logo of Elevator Solutions Investment Co.
Mayar Holding Co.’s 100% owned subsidiary, Elevator Solutions Investment Co. signed a binding purchase agreement to acquire the entire share capital of Saudi Installation Testing and Maintenance Co. (ITM Co. LLC) and the Smart Elevator Co. in one acquisition deal at SAR 40 million and a 28% share in the Elevator Solutions Investment Co. (the acquiring entity), according to a statement to Tadawul.
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The agreement is subject to several terms and conditions necessary before completion, including but not limited to terms and procedures of a regulatory and commercial nature.
The amount is paid through the company’s own resources according to the arrangements between the seller and the buyer within a period of one year.
The acquisition aims to expand Elevator Solutions Investment’s market share, provide customers with integrated solutions, diversify the company’s product portfolio, and boost the company’s share in the Saudi elevators market.
The relevant financial impact is expected to appear during the second half of the fiscal year 2024.
The deal included related parties, namely, Elevator Solutions Investment Co. as the buyer, and Abdul Rahman bin Abdul Aziz Al-Yabis and Faisal bin Abdul Rahman bin Abdul Aziz Al Yabis, as sellers.
In June, Mayar Holding Co.’s subsidiary, Elevator Solutions Investment Co., signed today, June 5, a non-binding memorandum of understanding (MoU) with both ITM Co. and Smart Elevators Co. within one acquisition deal.
The deal aims to acquire 100% of the total shares of the two companies, including their rights and obligations, upon reaching a final agreement between the parties, according to Argaam.
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