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Alwasail Industrial Co. announces the sale of 100% shares in the Shawcor Composite Pipe Systems Middle East Company Limited factory for an amount of (12,000,000) riyals.
9525
ALWASAIL INDUSTRIAL
3.61
%
1445/12/24 30/06/2024 09:40:25
| Element List | Explanation |
|---|---|
| Transaction Details | Alwasail Industrial Co. announces the sale of 100% of its share in the Shawcor Composite Pipe Systems Middle East Ltd. factory, located in the city of Khobar, to the Marjan Fiberglass Products Factory in Dammam - the Second Industrial City. |
| Transaction Amount | 12,000,000 SR |
| Transaction Conditions | None |
| Parties of the Transaction | 1- Shawcor Composite Pipe Systems Middle East Ltd. factory. 2- Marjan Factory for Fiberglass Products |
| Date of Entering Into The Transaction | 2024-06-27 Corresponding to 1445-12-21 |
| Description of Activity of The Asset Subject of The Transaction | Shawcor Composite Pipe Company in the Middle East owns a license for a factory in the second industrial zone in Dammam, with an area of ​​50,000 square meters. It is a 100% owned branch of Al-Wasail Industrial Company and has a license to manufacture non-metallic composite pipe products. |
| Asset Book Value | 2,303,038 Saudi riyals |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | None |
| Transaction reasons | The company modified its intention to invest in the field of composite pipes and focused on developing and expanding the production of polyethylene pipes and increasing its market share after installing the Emirates factory and new factories in the first industrial zone in Al-Qassim, Buraidah - the company’s main headquarters. |
| Expected Impact of the Transaction on the Company and Its Operations | Achieving capital gains of more than 9 million riyals from the sale deal according to the financial results for the first half of 2024 |
| Details of Using The Proceeds of the Asset Sale | The proceeds will be used for general corporate purposes. |
| Related Parties | None |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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