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Sat 23 Dec 2006 04:00 AM

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DI snaps up KSA glass company

Dubai Investments (DI) has completed the acquisition of Saudi American Glass Company (SAGC) following more than 18 months of negotiations. SAGC will now operate as a wholly owned subsidiary of DI

Dubai Investments (DI) has completed the acquisition of Saudi American Glass Company (SAGC) following more than 18 months of negotiations. SAGC will now operate as a wholly owned subsidiary of DI.

Saudi-based SAGC is one of the largest Middle Eastern glass manufacturers, supplying more than 3 million metres of glass each year. “We are delighted to finalise this deal as negotiations have been lengthy and this company is a valuable asset to any investment portfolio.  Saudi American Glass Company is a well established and highly reputable company with many notable clients and we are happy to acquire a company with such expertise,” said Khalid Kalban, managing director and chief executive officer, Dubai Investments.

“The glass manufacturing industry is currently struggling to keep up with the glass demand created by the booming property development sector in the region. Acquiring a high-production, well-entrenched company such as Saudi American Glass Company represents a golden opportunity for us to strengthen our investments portfolio by continuing to invest in companies that will bring increased revenue for our shareholders,” Kalban added.

SAGC has been operating for almost 30 years and supplies a comprehensive catalogue of glass products to the GCC region and Asia.  SAGC supplies glass to prestigious clients such as the Al Faisaliah Tower and Kingdom Tower.

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