19 Hrs
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الاقتصادية
Adites subsidiary buys Saipem for over one billion riyals
Addis Holding Company has signed an agreement to acquire SABIC Saudi Arabia for 1.07 billion riyals, adding 3.8 billion riyals to its accumulated business. The deal includes the acquisition of five operating drill rigs, three of which are owned and two leased, with completion expected in the third quarter of 2026. This acquisition strengthens the company's operations and increases its fleet size. In return, its Board of Directors has proposed a 100% capital increase to support its growth strategy. Additionally, the company’s Q1 profits rose by 22%, with a 63% increase in revenues, reflecting positive developments in its financial and operational performance.
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