Jun 28 2011 |
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Adraj Holding announces the successful divestiture of Saudi Cranes to Konecranes of Finland
Adraj Holding has announced the successful divestiture of its fully owned subsidiary Saudi Cranes to Konecranes Company of Finland. CFH Group acted as the Financial Advisor to Adraj Holding. Saudi Cranes is a leading company specializing in the design, manufacturing, and installation of electrical overhead cranes in the Kingdom of Saudi Arabia. Konecranes, the acquiring entity, is a publicly listed Finish company and is the worldwide leader in crane manufacturing.Sheikh Saad Alissa, the Chairman of Adraj Holding, confirmed "the continuous demand by international leading industrial conglomerates to invest in well-established industrial companies in Saudi Arabia, thereby gaining access to a very large and promising market".
Mr. Fawzi Farah, the CEO of
CFH
Group believes of "the ample opportunities for international corporate and industrial conglomerates to consider establishing themselves and investing in the GCC countries given a very brisk demand for all types of industrial products and services. Equally important are the foreign investment laws recently promulgated by the various GCC countries" which according to Mr. Farah "have further encouraged the inflow of foreign investments in various industries to the GCC countries".
-Ends-
For further information on the transaction, please contact:
Mr. Moufid Dardas, CFA
Executive Director / Partner
CFH
Group
Office Tel: +961 1 747 606
Email: moufid@cfh.com.lb
http://www.cfh.com.lb
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