Riyadh-Mubasher: Saudi Company for Hardware (SACO) has reached an agreement with the owners of Medscan Terminal Co. to acquire 100% of the logistics company for SAR 37 million ($9.87million).

The deal will be financed from the company’s resources and Sharia-compliant facilities, SACO said in statement to Tadawul.

 The takeover is subject to approval of the upcoming general meeting.

 In October 2015, SACO had signed a memorandum of understanding (MoU) with Medscan’s owners for the acquisition deal.