Al Anwar weighs move to acquire Al Hael Ceramics

The company has a capacity to produce 15 million sq metres of world-class, premium quality porcelain and ceramic tiles

  
Image for illustrative purpose only. An investor works on his computer above the trading floor of the Muscat Securities Market (MSM) in the Commercial Business District of Ruwi in Muscat

Image for illustrative purpose only. An investor works on his computer above the trading floor of the Muscat Securities Market (MSM) in the Commercial Business District of Ruwi in Muscat

REUTERS/STR New
 

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).

2021 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities