Saudi Arabia greenlights merger of 32 firms to reduce losses

Saudi Arabia’s General Authority for Competition (GAC) announced that it has no objection to the merger of 32 companies and local exchange institutions (purchasing and selling foreign currencies), reports say.
GAC in a statement said it sees no objection to certifying the move, in line with the economic concentration of 32 local currency exchange trading companies. It is one of the largest merger operations in terms of the number of establishments involved in a single deal in its history, reports notes.
The operation will result in a closed joint-stock company to mitigate the impact of the COVID-19 pandemic, GAC also said in a statement. There are no structural or regulatory barriers except for the licenses required from the sector regulator.

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