Saudi Arabian Refineries Company (Sarco) has announced that its key subsidiary, Masafi Ventures, has reached an agreement with Adwaa Al Khalil Contracting Company to acquire an 85% stake in Advanced Industrial Supplies Company for SAR12 million ($3.2 million).

The recently-completed acquisition, funded through Masafi Ventures' own resources, is aimed at expanding its investments in operating businesses, said Sarco in a filing to the Saudi stock exchange.

Advanced Industrial Supplies Company is a specialist in manufacture of wooden doors, aluminium doors and windows, kitchens and wooden interior décor products.

Sarco said the acquisition supports Masafi Ventures' long-term strategy to diversify its revenue streams through direct investments in operating businesses.

The transaction is likely to have a positive impact on the company’s financial results by the end of Q4, it added.-TradeArabia News Service