Saudi Arabia’s Elm signs deal to acquire Tabadul’s shares from PIF

Saudi men walk outside the General Court in Riyadh, July 24, 2018. (Reuters)

RIYADH (RAHNUMA): Information security company Al-Elm’s (Elm) acquisition of all shares from a Public Investment Fund (PIF)-owned company is set to leverage complementary strengths and enhance competitiveness and expertise to create a one-stop-shop that will cater to the entire logistics value chain in the Kingdom.

Elm announced the signing of a purchase agreement to acquire the entire shares of the Saudi Company for Exchanging Digital Information (Tabadul) from PIF. The closing of transaction is subject to securing required regulatory approvals.

Commenting on the transaction, PIF said: “This acquisition will contribute to the realization of Vision 2030 by creating a logistics national champion and will benefit the KSA economy through integrating the logistics value chain. It is also in line with PIF’s mandate of supporting digital transformation in key sectors in accordance with PIF’s program in this regard.”

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