Bawan said in a statement to the Saudi Stock Exchange that it will initially pay $80 million to the seller, in exchange for transferring ownership of 80 percent of the company’s shares to it “after meeting the specified conditions,” after which it will pay a maximum of $60 million if the company achieves specific financial results over a period of three years.
Both parties also agreed to buy Buan The remaining shares of the company’s ownership stake of 20 percent after the issuance of the audited financial statements for the fiscal year 2027 or 2028.
The agreement is subject to a number of conditions, including the approval of the General Authority for Competition, in addition to the approval of the two companies.
Petronash was established in 2000 in the UAE and specializes in manufacturing integrated engineering systems solutions for the oil and gas sector.
And it works Petronash Mainly in the Gulf Cooperation Council markets, it has about a thousand employees and a number of factories in Dammam andDubai And Abu Dhabi, Doha and Chennai, India, and supplies its products mainly to oil and gas companies in the Gulf Cooperation Council countries.