Riyadh – Mubasher: Saudi Company for Distribution, a unit of Saudi Research and Marketing Group (SRMG), signed an agreement to acquire a stake equivalent to each founding partner’s in Al Watania Distribution Company, according to a bourse filing.

The research and marketing firm did not mention the exact stake percentage.

The unit will also relocate to Al Watania’s headquarters to merge both companies’ distribution operations. In addition, the contract will continue as long as Saudi Distribution remains a partner in Al Watania, the statement added.

The Tadawul-listed firm said the deal comes in line with its strategy to focus on its core business activities, the statement said, adding that it expects the agreement to reflect positively on its financials.