MUSCAT: Al Anwar Investments SAOG has announced that it has signed a non-bind Memorandum of Understanding with Al Maha Ceramics SAOG and the shareholders of Al Hael Ceramics Co LLC to explore the possibility of acquiring the majority of the existing shares of Al Hael.
Oman-based Al Hael operates a state-of-the-art ceramics plant equipped with world-class Italian production lines and technologies. The company has a capacity to produce 15 million sq metres of world-class, premium quality porcelain and ceramic tiles in large sizes.
“The transaction contemplated by the MoU is conditional, inter alia, on the completion of Al Anwar and Al Maha of a satisfactory financial and legal due diligence investigation and evaluation of Al Hael, the negotiation and executive of definitive transaction documents with Al Hael’s shareholders (including a share purchase agreement and shareholders agreement) and receipt of all necessary corporate approvals, regulatory approvals and third party consents,” said Khalid Ansari, CEO of Al Anwar Investments, in a filing to the Capital Market Authority (CMA).
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