Riyadh – Mubasher: Saudi Arabian Refineries Company (SARCO) has announced a significant milestone regarding its subsidiary, Masafi Ventures Company.
The company confirmed the completion of all necessary regulatory procedures for the acquisition of an equity stake in Global Waste Solutions.
This development follows the progression of a previously signed non-binding memorandum of understanding (MoU) with Khadraa Al Hijaz Environmental Services Company, marking a formal transition from preliminary negotiations to a legally established corporate framework.
The announcement, released on the Saudi Exchange (Tadawul), serves as a formal update to the initial disclosure made on 31 May 2026.
In the original disclosure, SARCO informed shareholders that its subsidiary, Masafi Ventures Company, had entered into a non-binding MoU with Khadraa Al-Hijaz Environmental Services Company to explore a strategic partnership and investment opportunity.
According to the latest regulatory filing, the transition from the memorandum of understanding phase to a formalized business arrangement has been finalized. SARCO confirmed that the legal and administrative procedures required to purchase the stake in Global Waste Solutions have been successfully concluded.
A primary component of this process involved the formal issuance of the Articles of Association for the entity, alongside the procurement of an official Commercial Registration. The new entity has been assigned the commercial registration number 7007645737.
The completion of these regulatory steps signifies that the partnership has moved beyond the preliminary negotiation phase into a legally recognized corporate structure within the Kingdom of Saudi Arabia.
SARCO highlighted that the administrative finalization was necessary to ensure that the investment aligns with local corporate governance standards and the specific regulatory requirements governing the environmental services sector.
In terms of the financial implications of this development, SARCO stated that there have been no changes to the costs associated with the event at this stage. The company clarified that the financial outlook remains consistent with previous expectations, noting that the "not applicable" status applies to any cost variations or changes in the reasons for such costs.
This suggests that the administrative and legal finalization of the deal has proceeded in accordance with the initial budgetary framework established by Masafi Ventures and its partners.
The finalization of these regulatory steps represents a strategic advancement for SARCO as it continues to diversify its investment portfolio through its subsidiary operations.
By securing a stake in Global Waste Solutions in collaboration with Khadraa Al-Hijaz Environmental Services Company, SARCO is positioning itself to participate more actively in the Kingdom’s environmental and waste management industry.
This move reflects a broader strategic intent to integrate specialized service providers into the company’s wider corporate ecosystem, leveraging the expertise of Khadraa Al Hijaz to address growing market demands in the environmental sector.
The establishment of the commercial registration and the formalization of the Articles of Association provide the necessary legal foundation for the entity to commence its planned operations and pursue its commercial objectives.
