Alwasail buys factory in Ras Al Khaimah for SAR 4.8 mln

Logo of Alwasail Industrial Co.

Alwasail Industrial Co. bought in public auction, via Emirates Auction, a factory in Ras Al Khaimah’s Industrial Zone, UAE, for SAR 4.81 million on June 2, the company said in a statement to Tadawul. 

The factory that manufactures plastic products related to Alwasail’s activities has an annual production capacity of 21,000 tons.  

It will contribute to manufacturing Alwasail’s products. 

The move follows Alwasail’s need to expand its operating segments and develop its production to meet the increasing demand for its products. 

The factory value was paid in the public auction. The transaction was funded by the company's own resources, the statement noted, adding that the factory has no financial statements for the past years. 

Through the purchase, Alwasail seeks to expand in the manufacturing sector, increase production capacity, acquire a larger market share, and increase the revenues and profits of its operating segments. 

There are no related parties to the deal, the company said.