Saudi firm inks land sale to fund UAE takeover

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Saudi Printing and Packaging Company said announced that it has signed a contract to sell part of its land to finance the acquisition of a UAE plastics firm.

It said it was selling land located in Dhahban area in Jeddah - an area of 330,000 sq m - valued at SR215.5m ($57.4m).

The company said in a statement published by Saudi Press Agency that the proceeds will finance the company's acquisition of 100 percent of shares in Emirates National Factory for Plastic Industries.

In March, Saudi Printing and Packaging Company said it had signed a memorandum of understanding to buy a majority stake in Sharjah-based Emirates National Factory for Plastic Industries, known as Enpi.

The company said it will finance the transaction through its own resources and Islamic financing.

Enpi operates in the field of packaging and production of plastic products.

Related:

Market Performance

Saudi Printing and Packaging Company
22.9
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Q&A with Noor Bank

Q&A with Noor Bank

Kazim Ali, head of corporate banking at Noor Bank, discusses...

Saudi bank's $6bn IPO ignites religious controversy

Saudi bank's $6bn IPO ignites religious controversy

Plans by National Commercial Bank have prompted some clerics...

Dubai flexes legal muscles as financial court system grows

Dubai flexes legal muscles as financial court system grows

Landmark ruling by the court system in Dubai's financial free...

Most Popular
Most Discussed