The Saudi Industrial Services Company, Cisco, through one of its subsidiaries, the Saudi Company for the Development of Trade and Exports Ltd. LogiPoint, owned by 76%, acquired Elite Group through Green Dome Investments Ltd. Green Dome, owned by Logi Point by 31.7%.
According to Arabiya Net, Cisco said in a statement on Saudi Arabia's Tadawul that Green Dome Investments Ltd. acquired 100% of the capital Elite Group, and the acquisition deal took place on November 25. 2021, Logi Point invested 58 million riyals through Green Dome Investments.
And she added that the accounting impact of the deal will appear in Cisco's consolidated financial statements in the fourth quarter of 2021 through its subsidiary LogiPoint.
The Elite Group is a leading provider of integrated solutions for road freight and express transportation services in the Middle East region. It also has more than a thousand human staff, owns 600 freight vehicles, and warehouses with an area of 9,290 square meters (100,000 square feet).
This acquisition gives Cisco and LogiPoint high levels of specialized services in road freight and express transportation services through a sophisticated operations center and a group of specialized logistics assets in each of Oman , Bahrain, and Qatar, through its head office in Dubai, United Arab Emirates.
The deal is in line with Cisco's new strategy for the next five years, which aims to expand the logistics business through LogiPoint with a focus on the asset-light model to provide integrated solutions. The e-commerce sector is rapidly growing at the regional level.
The transaction is financed through bank financing and direct cash investment. There are no related parties to this transaction.
