Saudi Arabia: SASCO acquires NAFT
The 1987-established service station company that owns and operates 233 sites throughout the Kingdom has entered into negotiations to sell 80% of its share capital.
Saudi Automotive Services Co. (SASCO) has announced the acquisition of NAFT Services Limited Company. The negotiations included 80% of the service station brand’s share capital, valued at 1.1 billion Riyal ($293mn).
The purchase is part of SASCO’s expansion strategy based on increasing its market share through the acquisition of service stations. The firm expects that NAFT’s acquisition will have a positive financial impact on its revenues and profits from the second quarter of 2022.
Established in 1987, NAFT is a brand specialized in gas stations, car services and distribution of petroleum products and services in the Kingdom of Saudi Arabia. It’s properties include a total of 233 sites, which also include restaurants, a gasoline transporter fleet and supplying services of spare parts for workshops. Its forecourts are widely spread throughout the territory.
