Alwasail Industrial Purchase Factory in the UAE for SR4.807 million

Al-Wasail Industrial Company is pleased to announce its purchase by public auction at Emirates Auctions in the United Arab Emirates of a factory in the Industrial Area of Ras Al Khaimah, with a value of SR4.807 million RS, to operate the factory in the company’s productive sectors.

The transaction was funded by the company’s own resources.

Description of the Business of the Asset forming the Subject Matter of the Transaction: A factory for plastic products related to the company’s activity, with a production capacity of 21 thousand tons annually. The factory will be used in the manufacture and production of the company’s products.

The deal comes from the company’s need to expand its operational sectors and develop its production processes to meet the needs of customers and the increasing demand for the company’s products.

The expected impact of the transaction on the company and its operations is expanding the manufacturing sector, increasing production capacity, acquiring a larger market share, and increasing the revenues and profits of the operating sectors.

There are no related parties in this transaction, it said.