Cairo – Mubasher: Maridive and Oil Services received a binding offer from Al Subeai Investment Group for the acquisition of its 99.98%-owned subsidiary Maridive Offshore Projects for $48 million.

The payment terms and the completion of the deal are subject to the approval of shareholders and regulatory authorities, Maridive said in a bourse disclosure on Thursday.

The offer will be submitted to the board of directors on 14 February.

In December 2020, Al Subeai Investment Group submitted an offer to acquire 100% of Maridive Offshore Projects.  

During the first nine months of 2020, Maridive suffered net losses of $92.67 million, compared to $22.225 million in the corresponding period a year earlier.