Riyadh – Mubasher: The Saudi Company for Hardware (SACO) on Monday announced that it has finalised the acquisition of Medscan Terminal Company on 22 July.

The company noted that there was no financial impact on this transaction, a statement to the Saudi Stock Exchange (Tadawul) showed.

On 24 November 2016, SACO reported that it had completed its acquisition of Medscan Company for SAR 37 million ($9.86 million). Financing the deal was carried out through self-financing and Islamic banking facilities.

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

By 10:00 am Saudi time, SACO’s stock stood at SAR 109.60.