Al-Rashid Signs Agreement to Buy 50% of Taif Shipping's Capital for 92.5 Million Riyals

Logo of Mohammed Hadi Al-Rashid & Partners Co.

Mohammed Hadi Al-Rashid & Partners Co. announced the signing of a share purchase agreement to acquire 50% of the capital of Taif Shipping, for a value of 92.5 million riyals.

The company clarified in a statement on Tadawul that the acquisition will be financed through the company's own resources and available credit facilities, expecting that this deal will contribute to supporting the company's strategy in securing the supply chain.

It stated that the agreement includes the customary terms, conditions, and basic warranties provided by each party as is customary, noting that the completion of the deal is subject to meeting the agreed terms and warranties between the two parties, and obtaining relevant approvals.

It pointed out that the sellers are Jana Murhaf Ali Bu Khamsin and Mohammed Sidqi Ahmed Abu Khamsin, indicating that Taif Shipping was founded in 2018, with its main headquarters in Al Khobar in the Eastern Province, and operates in services related to oil and natural gas extraction, and the transport and mixing of silica sand and chemicals used in conventional and unconventional oil and gas extraction.

It said that this deal aligns with the company's strategy for value chain integration, stemming from its activity in mining and processing industrial silica sand, through acquiring a stake in Taif Shipping, which operates in services related to oil and gas extraction and the transport and mixing of silica sand and chemicals used in this sector.

It expected that this deal will contribute to achieving operational integration between the activities of the two parties, expanding the company's marketing channels for silica products, and supporting future growth opportunities, and also expected that the deal will have a positive impact on the company's results and financial position in the medium and long term.

It added that signing this agreement does not constitute completion of the acquisition process, as the completion of this deal is conditional on obtaining approval from the General Authority for Competition, relevant approvals, and meeting the pre-agreed conditions between the two parties.

It clarified that there are no related parties, noting that it will announce any material developments or upon completion of the deal in due course.

It stated that Taif Shipping's revenues reached 116.51 million riyals in 2025, and the following table shows the company's revenues from 2023 to 2025:

Taif Shipping Revenues from 2023 to 2025 (Million Riyals)

Year

Revenues

2023

91.10

2024

161.69

2025

116.51

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