Riyadh – Mubasher: Al Elm Information Security Company (Elm) has signed a share purchase agreement to take over the entire shares of the Saudi Company for Exchanging Digital Information (Tabadul) from the Public Investment Fund (PIF), in a step to position Saudi Arabia as a global logistics hub.
Hence, Tabadul will become a fully owned subsidiary of Elm, preserving its brand and identity.
Moreover, Tabadul’s current executive management will remain in place and will report to its existing Board of Directors, with representation from Elm.
This transaction could result in significant synergies, unlock potential growth opportunities, and expedite the achievement of the overall strategic objectives of both firms, according to a press release on Sunday.
For the PIF, “This acquisition will contribute to the realisation of Vision 2030 by creating a logistics national champion and benefit the KSA economy through integrating the logistics value chain. It is also in line with PIF’s mandate of supporting digital transformation in key sectors in accordance with PIF’s programme in this regard.”
Commenting on the announcement, CEO of Elm, Abdulrahman Aljadhai, said the collaboration is a key milestone for Elm that will create a one-stop-shop that will cater to the entire logistics value chain, thus raising its targeted sector expansion strategy and offering significant value to its partners and the market alike.
Meanwhile, CEO of Tabadul, Abdulaziz Alshamsi, noted that this transaction will support Tabadul's business growth over the coming years and will serve the customs, ports, and aviation sectors while contributing to the advancement of logistical domains.