The board of directors of ADNOC Distribution will discuss, next Wednesday, two transactions to acquire assets for fuel distribution in Saudi Arabia with a purchase value of $ 8 million and $ 7.5 million Respectively.
and according to Arabnet from a company statement that by the end of 2020, a final agreement will be implemented to acquire 15 service stations in Saudi Arabia, worth 36.7 million dirhams ($ 10 million). .
ADNOC Distribution affirmed its commitment to its strategy to expand its business in Saudi Arabia, which is the largest retail fuel market among the Gulf states, expecting that the acquisition will generate more value for the company. As a result of increased fuel margins and an integrated approach to managing retail and non-fuel fuel products.
ADNOC Distribution had opened its first station in Saudi Arabia in December 2018, on the Riyadh-Dammam highway, and opened its second station in Al-Hofuf, Al-Ahsa Governorate, shortly thereafter, and with completion The current deal brings the total number of its stations in Saudi Arabia to 17 stations.
In a related context, the company said in a statement to Abu Dhabi Market, that the Board of Directors is also discussing during its meeting the company's audited final financial statements for the fiscal year ending on December 31, 2020, And a proposal to distribute cash dividends to shareholders for the second half of 2020.
