Masharie, the private equity arm of Dubai Investments, has acquired 51 per cent stake in Technical Rubber, a Saudi Arabia-based rubber products manufacturing company.
The sale and purchase agreement for the acquisition was signed recently in Dubai by Abdulaziz bin Yagub Al Serkal, CEO of Masharie, and Mustafa Saud Mahroos, Founder of Technical Rubber.
"This strategic acquisition continues Masharie's steady expansion in the region and brings our portfolio to 18 companies," Abdulaziz Al Serkal said. "It also provides us with a strong foothold in the largest industrial market in the Gulf."
"Masharie already has a significant presence in the rubber market through its subsidiary International Rubber Company (IRC). The acquisition of Technical Rubber perfectly complements IRC's range and together they will offer a complete array of high-quality rubber products," Al Serkal added.
Technical Rubber specialises in the manufacturing of a wide range of rubber products including extruded profiles for architectural applications, water proofing and industrial sheets for floors and roofing, moulded products including wall guards, column guards, speed breakers, marine fenders, and bearing pads for bridges. Technical Rubber has obtained approvals from leading institutional customers in SaudiArabia, Kuwait, Bahrain, Qatar and Oman.
Masharie has a direct investment portfolio of 18 companies operating in diverse sectors including construction materials, contracting, aluminium, telecom and interior design. The Dubai-based private equity firm is actively pursuing strategic investment opportunities in the UAE and the Middle East.
© Emirates 24|7 2010
