Riyadh – Mubasher: The Saudi Company for Hardware (SACO) on Thursday announced finalising its acquisition of Medscan Terminal Company Ltd for SAR 37 million ($9.86 million).

Financing for the deal, completed on Wednesday, 23 November, was carried out through self-financing and Islamic banking facilities, SACO said in a bourse filing.

It is expected that Medscan Terminal, which specializes in transporting goods, logistics, and warehousing located in the Eastern Area, will contribute to facilitating SACO's operations and cut down on expenses.

The financial impact of this acquisition will commence from the fourth quarter of 2016, the Saudi-listed company noted.

The acquisition is divided as 99% for SACO and 1% for Mr. Sameer Mohammed Abdulaziz Al Hamidi, CEO, board member and major shareholder in SACO in order to maintain Medscan's legal, the statement said.

SACO's shareholders originally approved the acquisition on 20 April 2016.