Riyadh – Mubasher: Maaden Marketing and Distribution, a wholly-owned subsidiary of Saudi Arabian Mining Company (Ma’aden), has signed an agreement to acquire a 85% stake of Mauritius-based Meridian Group.

The deal enables Ma’aden’s unit to submit a request for purchasing the 15% remaining stake in the next four years, according to a statement to the Saudi Stock Exchange (Tadawul).

The transaction is expected to be completed in the third quarter of 2019, while its financial impact is forecast to be realised in the firm’s financial statements in the same period.

The acquisition, which will be financed through Ma’aden’s cash inflows, is part of the Saudi company’s plans to expand abroad the kingdom.