Saudi Arabia Achieves Significant Progress in International Indicators of Business Environment and Competitiveness    UAE Foreign Minister Meets with his French Counterpart    Coronavirus-hit Al Hilal out of AFCCL on a technicality    Over 1,000 participants, 40 speakers in 11th GCC Neurology Meeting    National Day/ Saudi Arabia Marks 90th National Day with Massive Air Show    MDLBEAST celebrates Saudi National Day with exclusive soundtrack and musical journey    Gigantic Achievements and Unlimited Interest in Establishing and Developing Airports during Reign of Successive Kings of the Kingdom    Custodian of the Two Holy Mosques: The Kingdom stresses that the world is facing a tremendous challenge in the form of COVID-19 pandemic    Nike lifts S&P 500, Dow ahead of business activity data, US stocks latest report    Unofficial G20 engagement group — Values 20 launched    First Mack LR Electric model begins service with New York City Department of Sanitation    flyadeal turns three on Saudi Arabia's 90th National Day    Bahrain Supports Saudi Arabia's Efforts to Avoid an Environmental Catastrophe for Safer Oil Tanker    Expo 2020 celebrates Kingdom's valuable contribution to the largest event to be held in the Arab world    Africa Travel Week secures partnership with Invest Africa    MoHAP marks World Alzheimer's Day, lighting up Dubai Frame in purple    Navalny discharged from Berlin hospital after poisoning    The UN is not just a building in New York city: Widodo    Controversial Brexit bill passes latest stage in UK parliament    COVID-19 foretells cycling boom in India    Tokyo Reports 59 New Virus Cases, Lowest in Almost 3 Months    Renew ‘collective commitment to multilateralism', urges Assembly President    Russia Reports 6,431 New Coronavirus Cases, 150 Deaths    HRH Crown Prince Congratulates President of Guinea-Bissau on Independence Day    Saudi Cabinet calls for confronting Iran's destabilizing behavior    HyperX releases first Arabic layout keyboard for gaming    Riyadh Ranks the 5th Smart City among G20 Member States' Capitals, on IMD Indicator    Happy National Day 90    Roma given defeat by Serie A for using ineligible player    Sotheby's, Phillips and Ketterer adapt to the new reality    Bahrain Bourse Rises    50 riders to take part in National Day show jumping competition    AlUla Date Festival to Launch Next Month    My goal is to lift the national football cup: Maram    UAE Team Emirates' Pogacar wins the Tour De France    Every work has its fruits, so choose wisely    Wydad appeal over CAF 2019 Champions' final dismissed by CAS    Saudi Youths Transfer Saudi Arabia's Culture via Animation Production    Saudi Scholarship Program to Promote Football Talents, abroad, Co-sign Accord with Spanish Real Sociedad    French Open to allow 11,500 fans per day between the three show courts    Saudi Films' Festival virtual Events Continued    Saudi Films' Festival Events Continue, amid Wide-Scale Cultural Participation    Mediation center contributes to 22% decrease in divorces    Saudi woman seeks to restrain wealthy hubby from remarrying    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    Custodian of the Two Holy Mosques Addresses Citizens and Muslims on Eid Al-Fitr    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Elm Signs a Share Purchase Agreement to Acquire Tabadul's Entire Shares from the Public Investment Fund in a Step to Position Saudi Arabia as a Global Logistics Hub
Published in Saudi Press Agency on 09 - 08 - 2020

Al Elm Information Security Company (Elm) today, announced the signing of a share purchase agreement to acquire the entire shares (%100) of the Saudi Company for Exchanging Digital Information (Tabadul) from the Public Investment Fund (PIF). The closing of transaction is subject to securing required regulatory approvals.
Upon closing of the transaction, Tabadul will become a wholly owned subsidiary of Elm, preserving its brand and identity. Tabadul's current executive management will continue to lead its operations, and will report to its existing board of directors, with representation from Elm. The transaction is likely to result in significant synergies while unlocking potential growth opportunities and expediting the achievement of the overall strategic objectives of the both companies. Besides, Elm and Tabadul will have an opportunity to leverage complementary strengths, enhance competitiveness and expertise to create a one-stop-shop that will cater to the entire logistics value chain in the Kingdom.
Commenting on the transaction, the Public Investment Fund said: "This acquisition will contribute to the realization of Vision 2030 by creating a logistics national champion and 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. As an active investor, PIF is committed towards the growth of its portfolio companies throughout their business lifecycle while seeking opportunities for synergies and collaboration between them."
Dr. Abdulrahman Aljadhai, Chief Executive Officer of Elm, regarded the deal to be an important milestone for Elm as it continues to expand its product offerings and digital custom solutions in the transportation and finance sectors. The combination of Elm and Tabadul will create a one-stop-shop that will cater to the entire logistics value chain, thus accelerating its targeted sector expansion strategy and offering significant value to its partners and the market alike. Dr. Abdulrahman also stated that it is an opportunity to develop national logistics services that meet the current market requirements and the need of the beneficiaries.
Eng. Abdulaziz Alshamsi, Chief Executive Officer of Tabadul, said that he is confident that this transaction will enable Tabadul to expedite its new service offerings and solutions. He noted that this transaction would be a remarkable development that will support the business growth in Tabadul during the coming years. Moreover, it will serve the Customs, Ports, and Aviation sectors and contribute to the advancement of logistical domains. Combining Tabadul's forces with Elm's will allow Tabadul to leverage product capabilities and create a comprehensive logistics platform that are core to Tabadul's growth strategy.
Al Elm Information Security Company (Elm) is a wholly owned company by the Public Investment Fund (PIF) of Saudi Arabia, represents one of PIF's investments in the communications and Information technology sector.

Clic here to read the story from its source.