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Article: Saudi Advanced Industries buys 20% in NPS Bahrain for Oil & Gas Wells Services.
- Article from:
- ADP News Middle East & Africa
- Article date:
- January 23, 2009
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(ADP News) - Jan 23, 2009 - Saudi Advanced Industries Company (SAIC) (SAU:2120), active in setting up and investing in industrial projects, has acquired a 20% stake in NPS Bahrain for Oil & Gas Wells Services WLL, an oil and gas exploration and production company, SAIC said in a statement to the Saudi bourse on Tuesday.
SAIC will pay SAR 375 million (USD 99.9m/EUR 77.3m) for the stake, 50% of which already settled upon signing the acquisition agreement and the remaining 50% due in the next few days.
SAIC financed the transaction with own funds, the company said without giving further details.
SAIC (www.saic.com.sa) ...