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Mon 31 Dec 2012 03:29 PM

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Saudi firm inks land sale to fund UAE takeover

Saudi Printing and Packaging Co to sell Jeddah plots valued at more than $57m

Saudi firm inks land sale to fund UAE takeover

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.

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