Sasakura Engineering Co., Ltd. cancelled the acquisition of additional 50% stake in Arabian Company and Sasakura for Water and Power from ACWA Holding Company.

Sasakura Engineering Co., Ltd. (TSE:6303) entered into an agreement to acquire additional 50% stake in Arabian Company and Sasakura for Water and Power from ACWA Holding Company for SAR 16.2 million on October 27, 2016. Under the terms of the transaction, Sasakura Engineering will acquire 1,000 shares and will hold 85.1% stake in Arabian Company and Sasakura for Water and Power upon completion. Arabian Company and Sasakura for Water and Power reported net assets of SAR 24.69 million, total assets of SAR 120.24 million, sales of SAR 104.34 million, operating profit of approximately SAR 7.4 million, and net loss of SAR 7.29 million for the year ending December 2015. The transaction was resolved by the board of directors of Sasakura Engineering. As a part of the transaction, Sasakura Engineering will pay advisory cost of SAR 0.8 million. The transaction is expected to close on March 2017. Sasakura Engineering Co., Ltd. (TSE:6303) cancelled the acquisition of additional 50% stake in Arabian Company and Sasakura for Water and Power from ACWA Holding Company on October 27, 2017.