RIYADH: 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), Argaam reported.
The authority issued a no objection certificate with respect to the economic concentration of 32 local currency exchange trading companies, the authority said in a tweet.
It is one of the largest merger operations in terms of the number of establishments involved in a single deal in its history.
The merger will result in a closed joint-stock company to mitigate the impact of the COVID pandemic, the authority said in a statement.
There are no structural or regulatory barriers except for the licenses required from the sector regulator.
