In Riyadh’s ever-shifting industrial chessboard, GAS Arabian Services has quietly made a decisive double move—snapping up strategic stakes in two engineering-focused firms at a bargain.
The Tadawul-listed technical solutions player is set to invest 65.8 million riyals ($17.5 million) to deepen its reach across the kingdom’s energy and industrial services landscape.
Its first acquisition: a 12.9% slice of Eagle Burgmann Saudi Arabia Company Limited, secured for 48.7 million riyals. The tag sits roughly 15% below the stake’s assessed value, with the full company pegged at 444.4 million riyals—an industrial heavyweight in mechanical seals and key equipment.
The second move doubles down on the discount. GAS will scoop up a full 40% holding in TCR, the testing and metallurgical services specialist, for 17.1 million riyals. That’s again 15% under valuation, with TCR’s total worth estimated at 50.3 million riyals.
Both stakes are being purchased from Future Prospects for Operation and Maintenance Co., a significant shareholder in the two firms. Funding will come straight from GAS’s own reserves, signalling confidence—and urgency—as the company sharpens its domestic expansion strategy.
Valuation work for both targets was handled by Yaqeen Capital, while Value Capital served as independent advisor on the deals.
