Masharie acquires 51pc stake in Saudi firm
Dubai, December 20, 2010
Masharie, the private equity arm of Dubai Investments, said it has acquired a 51 per cent stake in Technical Rubber - a leading rubber products manufacturing company based in Dammam, Saudi Arabia.
The strategic acquisition complements Masharie’s presence in the rubber market and brings the private equity leader’s portfolio to 18 companies, said a company statement.
“This strategic acquisition continues Masharie’s steady expansion in the region and brings our portfolio to 18 companies,” said Abdulaziz Bin Yagub Al Serkal, CEO of Masharie, after signing the deal with Mustafa Saud Mahroos, founder of Technical Rubber.
Forging ahead with its investment plans despite the prevailing market uncertainty, Dubai Investments' unit said the move will provides the company with a strong foothold in the largest industrial market in the Gulf.
“Masharie already has a significant presence in the rubber market through its subsidiary International Rubber Company (IRC). The acquisition of Technical Rubber perfectly complements IRC’s range and together they will offer a complete array of high-quality rubber products,” Al Serkal added.
Hashim Al Hashim, managing director of IRC and now partner at Technical Rubber, said, 'As a key player in the regional market for over 15 years, IRC has the experience and expertise to successfully grow in Saudi through the acquisition of Technical Rubber.'
'The acquisition will help us diversify our production base and consolidate our market position in the region,' Al Hashim added.
Technical Rubber specializes in the manufacturing of a wide range of rubber products including extruded profiles for architectural applications, water proofing and industrial sheets for floors and roofing, moulded products including wall guards, column guards, speed breakers, marine fenders, and bearing pads for bridges.
Technical Rubber has obtained approvals from leading institutional customers in Saudi Arabia, Kuwait, Bahrain, Qatar and Oman.
Masharie has a direct investment portfolio of 18 companies operating in diverse sectors including construction materials, contracting, aluminium, telecom and interior design.
The Dubai-based private equity firm, which boasts a consistent track record of growth and profitability, is actively pursuing strategic investment opportunities in the UAE and the Middle East region.-TradeArabia News Service