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Aslak Extends Acquisition Deadline
Union of Wire Manufacturing Industries (Wires) announced the extension of the completion date for its acquisition of a 40% stake in Al-Raed Industrial Investment Company to June 24, 2027, instead of September 27, 2026. This step is taken to fulfill regulatory requirements, including obtaining approvals from the Capital Market Authority. The estimated value of the stake is 92.82 million SAR, which will be paid through an increase in the company's capital and the issuance of new shares to the selling shareholders. The company confirmed that there will be no additional costs or immediate financial impact on its current financial statements as a result of this extension.
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