Zoujaj inks MoUs to buy stakes in GulfGuard, Guardian RAK

The National Company for Glass Industries (Zoujaj) signed on Sunday a memorandum of understanding (MoU) with Al Zamil Group Holding Co. to acquire its ten percent stake in Guardian Zoujaj International Float Glass (Guardian RAK), a float glass manufacturing plant in the United Arab Emirates.

Zoujaj also inked an agreement with and Eastern Industrial Investment Co. to buy an additional ten percent stake in Saudi Guardian International Float Glass Co. (GulfGuard), the Saudi listed firm said in a statement to Tadawul.

The MoUs will remain valid for six months and a financial advisor will be appointed to facilitate the negotiations. Any finalized deals must be approved by relevant authorities before transactions are made.