SARCO wraps up regulatory procedures for waste stake
SARCO completed regulatory procedures to acquire a stake in Global Waste Solutions. The deal expands the refiner's environmental services footprint.
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Saudi Arabian Refineries Co. (SARCO) said it completed the regulatory procedures required to acquire a stake in Global Waste Solutions. The company disclosed the step in a filing, without specifying the size of the stake or the financial terms of the deal.
The acquisition gives the refiner a foothold in the waste management sector, an area outside its core oil refining business. Regulatory clearance removes a key uncertainty that can delay or scuttle cross-industry transactions in Saudi Arabia. SARCO did not say when the transaction would close or whether additional approvals are needed.
The move follows a broader push by Saudi industrial firms to diversify into environmental services, partly driven by the kingdom's waste-to-energy and recycling targets under Vision 2030. Global Waste Solutions operates in the collection, treatment, and disposal of industrial and municipal waste.
SARCO shares traded flat on the Tadawul after the announcement.
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