Riyadh – Anaam International Holding Group has penned a binding sale and purchase deal with ARW Industry Company to acquire a 55% stake in the latter for SAR 15 million.

Located in the third industrial area in Jeddah, ARW Industry’s factory manufactures medical supplies, according to a recent bourse disclosure.

The acquisition comes in line with Anaam’s goal to diversify its business while operating in the medical sector due to its major importance to develop the Kingdom’s economy and increase its gross domestic product (GDP).

The Saudi listed company noted that it will disclose any material developments related to the agreement.

Last February, Anaam sealed a non-binding MoU worth SAR 325 million to fully acquire a private office building in Jeddah.

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