PHOTO
Muscat – Sultanate of Oman- Al Maha Ceramics, the leading Ceramic manufactures in the region is exploring the possibility to acquire majority stake in Al Hael Ceramics Co. LLC. Al Maha, in this regard, announced that it has signed a non-binding Memorandum of Understanding with the shareholders of Al Hael Ceramics Co. LLC (Al Hael).
Al Hael is based in Oman with a state-of-the-art plant equipped with world’s best Italian production lines in terms of machineries and latest technology. It has an annual production capacity of 15 million sqm to produce world class premium quality and large sizes of porcelain and ceramic tiles. The acquisition will help Al Maha to substantially increase its production capacity and add to its product portfolio while benefiting from economies of scale.
The transactions contemplated by the MOU are conditional, inter alia, on the completion by Al Maha Ceramics and Al Anwar Investment of a satisfactory financial and legal due diligence investigation and evaluation of Al Hael, the negotiation and execution of definitive transaction documents with the Al Hael’s shareholders (including a share purchase agreement and a shareholders’ agreement), and receipt of all necessary corporate approvals, regulatory approvals and third-party consents.
The disclosure on MSM by Al Maha Ceramics stated that it will provide an update about the transaction in due course.
-Ends-
About Al Maha Ceramics:
Located in the Sohar Industrial area, Al Maha has a fully automated Italian plant on a total factory area of 150,000 square meters. Its annual production capacity is around 6 million square meters. Al Hael, on the other hand, located in Sur Industrial Area is spread over 230,000 square meters, Over the years Al Maha Ceramics has established a strong distribution network that spreads across the UAE, Saudi Arabia, Qatar, Bahrain, Syria, Lebanon, Jordan, Africa and South Asia. Al Maha Ceramics is recently awarded the ‘HM Sultan Award for Industrial excellence’ and has attained the Superbrand status amongst the various accolades. The company has been voted as the Oman’s most trusted brand.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
