Arabian Contracting Services Co. announces an update on the company's announcement regarding the completion of the procedures for the full acquisition of Faden Media.
| Element List | Explanation |
|---|---|
| Introduction | In reference to the announcement of Arabian Contracting Services Co. (“the Company”) on 31/10/2023 corresponding to 16/04/1445 regarding the completion of the procedures for the full acquisition of Faden Media and the company is working on fulfilling the conditions of the General Authority for Competition (“the Authority”) within the regulatory period granted by the authority, which is 6 months.
The company would like to announce that on Tuesday 05/03/2024 Corresponding to 24/08/1445, all the conditions of the General Authority for Competition were fulfilled within the regulatory period granted by the authority. |
| Previous Announcement | Arabian Contracting Services Co. announces the completion of the procedures for the full acquisition of Faden Media. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-10-31 Corresponding to 1445-04-16 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The following conditions of the General Authority for Competition were completed within the regulatory period:
1- The ownership of Faden Media (a fully owned subsidiary of the Company) in Wave Media Company (an outdoor advertising Company owned 42.5% by Faden Media) has been transferred to a fund regulated by the Capital Market Authority (“the Fund”), with the Company being the sole unitholder of the fund. Derayah Financial acts as the fund manager and Saudi Fransi Capital acts as the custodian of the fund.
2- Appoint a fund manager licensed and regulated by the Capital Market Authority and is responsible for managing the fund and appointing independent representatives to the board of directors of Wave Media Company. Neither the Company nor any of its subsidiaries are permitted to have any representation on the board of directors of Wave Media Company or to influence its decisions, and as indicated in clauses (1) above Derayah Financial was appointed to act as the fund manager.
3- The Company has submitted 6 monthly reports (one report for each month) to the General Authority for Competition in compliance with the authority's conditions on the progress made in fulfillment of the obligations outlined in clauses (1) and (2) above. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | The acquisition value of Faden Media is one billion and fifty million (1,050,000,000) Saudi Riyals, which has not changed during the period of fulfilling the conditions of the authority. |
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