The El-Alam information security company announced yesterday that it had signed a share purchase agreement to acquire all shares of the Saudi Electronic Information Exchange “Exchange” from the Public Investment Fund, as it received all regulatory approvals after the deal was completed. Is subject to the condition of doing.
Upon completion of the transaction, “transferred” will become a wholly owned company of “Elm” Company, and it will retain its trademark and identity. The current executive management of the company will continue to manage its operations and submit a report to its board of directors.
It is likely that the deal will result in cooperation, potential growth opportunities and key aspects of achievement in the broader strategic objectives of the two companies. Opportunity to benefit from the integrated strengths between them, in addition to increasing competition and expertise to create a unified entity for both Elm and Exchange. The entire value chain of logistics services in the Kingdom.
Regarding the role of the fund, a spokesman for the Public Investment Fund said: “As an active investor; The Public Investment Fund is committed to developing its portfolio companies and to developing partnerships and opportunities among them, aiming to lead them to national companies that contribute to making a positive economic impact. Therefore, the deal will bear fruit by merging the value chain into logistics services to establish an integrated technological strategic system. “
The CEO of Elm, Drs. Abd al-Rahman al-Jadi explained that the deal is very important for the company, through which we will be able to continue the development of our products and digital solutions, especially in the transportation and financial sectors, and “Elm” and Will result in creating a unified unit between “transfers”. Logistics caters to all the needs of the region.