Al Maha Ceramics to acquire 45% stake in Al Hael Ceramics

Muscat Daily: Al Maha Ceramics Company on Tuesday announced that it has signed an agreement to purchase 45 per cent stake in Al Hael Ceramics Company for a value of RO2.1mn.

‘The board of directors of Al Maha Ceramics advises that the company has signed a sale and purchase agreement to purchase 45 per cent shares of Al Hael Ceramics, subject to the satisfaction of conditions set out in the agreement. The value of the deal amounted to RO2.1mn,’ Al Maha Ceramics said in a disclosure to the Muscat Stock Exchange.

The company said it was agreed that Al Maha Ceramics would manage and operate Al Hael’s factory for a period of five years. It was also agreed that Al Maha brand will be used in Al Hael products during the next five years.

Al Hael Ceramics factory is one of the largest tiles factories in the Middle East and is equipped with the latest Italian technologies in tiles manufacturing from SACMI, Al Maha Ceramics noted in its disclosure.

‘The production capacity of Al Hael factory is 55,000 sqm per day of ceramics and porcelain. The factory can also produce large sizes of porcelain plates, and it is hoped that the factory’s production will cover a large percentage of the local market’s need of high-quality ceramic and porcelain tiles,’ Al Maha Ceramics said.

The company pointed out that the completion of the acquisition process is subject to approval of the competent authorities.

‘The company shall keep the shareholders appraised of further developments concerning the purchase of Al Hael Ceramics shares through further disclosures,’ Al Maha Ceramics added.

Muscat Daily Contribution Time: 01-Jun-2022 17:28 (GMT)
Muscat Daily Last Update Time: 02-Jun-2022 06:49 (GMT)