Dubai Polyfilm announces the purchase of 40% of Al-Khaleej Company |
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In a transaction worth 50 million Dirhams, Dubai Polyfilm announces the purchase of 40% of Al-Khaleej Polypropylene Company SAOG shares
Dubai, UAE – Dubai Polyfilm Co. LLC announced today that it acquired more than 1,650,000 shares of Al-Khaleej Polypropylene Company SAOG representing approximately 40% of the company issued shares which were purchased from Messrs. Ali Hassan and Abdulkarim Hassan and a number of shareholders at the price of RO 3.2 per share. Al-Khaleej Polypropylene Company SAOG is a public joint stock company based in the Sultanate of Oman with shares listed on Muscat Securities Market (MSM).
Dubai Polyfilm, having been granted the permission of the Capital Markets Authority (CMA) in Oman to acquire upto 70% of the Al-Khaleej Polypropylene’s issued shares, explained it has plans to provide the rest of the shareholders with an offer to buy their shares at the same price.
Mr. Rashed Seif Al Ghurair, Chairman of Dubai Polyfilm said: “We are very pleased about the closing of this transaction. This is only the first step which will be followed by an offer that will hopefully lead to us becoming the owners of upto 70% of Al-Khaleej Polypropylene Company shares.” He also explained: “Dubai Polyfilm is aiming to become one of the leading companies worldwide in the production of polypropylene films for packaging. Acquiring Al-Khaleej Polypropylene’s shares will reinforce our moves towards this target.”
Dubai Polyfilm has recently purchased 95% of the shares of Technopack, a leading company in the production of films in Egypt and the African continent. With the completion of this transaction in the Sultanate of Oman the annual production capacity managed by Dubai Polyfilm will increase to 100 thousand tons from its factories in the UAE, Egypt and Oman.
Dubai Polyfilm is a limited liability company registered in the United Arab Emirates with yearly sales of 120 million dollars. The company is owned by Al Ghurair Limited and SHUAA Capital.
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For more information, please contact:
Ahmed Samerai
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© Press Release 2005
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