JEDDAH, 9 October 2007 — Jeddah-based Bin Sulaiman Group has completed the takeover of the Hanco rent-a-car.
Hamad Al-Sulaiman, executive president, said yesterday that it held 60 percent stake in the company over the past three years and had now concluded a deal to purchase the remaining 40 percent.
During the last three years, Hanco has made tremendous development in its business with its fleet of cars increasing from 2,000 to over 8,000. The company has 84 branches, the last one having been opened in Rabigh to meet the needs of King Abdullah Economic City.
Hanco was established in 1976 in Alkhobar. It launched its limousine service in 1978. In 1994, it started its operations in Bahrain. During the last 30 years, it received many international awards and claims to be one of the best land transport providers in the Kingdom. Sulaiman also outlined plans to increase the company’s capital to meet the market requirements. It intends to open new branches in the Gulf countries and expand services across the Kingdom.