Construction Products Holding Company (CPC) and Zahid Holding Group have joined hands to set up a new limited liability company, Warehousing and Distribution Holding Company, (Warid) specialising in transportation and logistic services.

Warid’s initial investment is the acquisition of UTC, a heavy transport company, and Zahid Heanor, a heavy transport company, with a projected capitalisation of SR300 million ($80.1 million) at a combined enterprise value of SR120 million, explained Dr Faysal Alaquil, director of business development and CPC official spokesman.
 
'Warid is a merger of two notable companies, United Transport Company (UTC), a transport company for heavy loads owned by CPC; and Zahid Heanor, a company specialising in transport of heavy loads owned by Zahid Holding Group,” Alaquil said, commenting on the landmark joint venture.

The officials of both companies said that further investments will include large advanced warehousing facilities in the Kingdom’s major centres.

'UTC and Zahid Heanor have both been operational for over 30 years and provide a strong cornerstone for expanding into warehousing and distribution, supply chain management and project logistics.'

'Warid’s plan is to provide warehousing, transportation and logistic solutions for a broad customer base in project, construction, industrial and trading sectors throughout the Middle East and North Africa. Warid also intends to align activities with the Kingdom’s new Economic Cities and Logistics Hubs,' he added.-TradeArabia News Service