Saudi Arabia’s United Wire Factories Company (Aslak) has obtained a non-objection certificate from the General Authority for Competition (GAC) for its planned acquisition of a 40pct stake in Al Raeda Industrial Investment Company.
The transaction remains subject to further approvals, including clearance from the Capital Market Authority for the proposed capital increase, approval from Saudi Exchange for listing the new shares, as well as shareholder and other regulatory consents.
First announced under a non-binding agreement, the deal will be executed through a share swap, with Aslak issuing new shares to acquire 40pct of Al Raeda’s capital.
The acquisition aligns with Aslak’s strategy to diversify revenue streams by expanding into higher-growth segments such as chemicals and aluminum.
Al Raeda operates three factories in Saudi Arabia’s Western Region, producing aluminum, paper and chemical products.
Headquartered in Riyadh, Aslak operates eight factories across the Kingdom and is a leading industrial firm specializing in steel wire products, including wire mesh, fencing, nails and tying wire.
