Riyadh – Arabian Contracting Services Company (Al Arabia) has received conditional approval from the General Authority for Competition to fully acquire Faden Media for SAR 1.05 billion.

Al Arabia highlighted that the transaction is subject to other customary completion conditions, which are in the process of being fulfilled, according to a bourse statement.

The company added that it will disclose the completion of the transaction or any other material developments in due course.

It is worth mentioning that Al Arabia signed the purchase agreement in October 2022.

In the first half (H1) of 2023, the Tadawul-listed firm logged net profits valued at SAR 175.86 million, an annual growth of 37.73% from SAR 127.68 million.

Revenues increased by 10.10% to SAR 606.68 million as of 30 June 2023 from SAR 551.03 million in H1-22, while the earnings per share (EPS) hiked to SAR 3.52 from SAR 2.55.

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