Dubai private equity firm Masharie has announced the acquisition of 51% stake in Technical Rubber - a rubber products manufacturing company based in Dammam, Saudi Arabia.
Masharie is the private equity arm of Dubai Investments and has direct investment portfolio of 18 companies.
Their full press release follows
Forging ahead with its investment plans despite the prevailing market uncertainty, Masharie, the private equity arm of Dubai Investments PJSC, has announced the acquisition of 51% stake in Technical Rubber - a leading rubber products manufacturing company based in Dammam, Saudi Arabia.
The sale and purchase agreement for the acquisition was signed recently in Dubai by Abdulaziz Bin Yagub Al Serkal, CEO of Masharie, and Mustafa Saud Mahroos, Founder of Technical Rubber.
"This strategic acquisition continues Masharie's steady expansion in the region and brings our portfolio to 18 companies," Abdulaziz Al Serkal said. "It also provides us with a strong foothold in the largest industrial market in the Gulf."
"Masharie already has a significant presence in the rubber market through its subsidiary International Rubber Company (IRC). The acquisition of Technical Rubber perfectly complements IRC's range and together they will offer a complete array of high-quality rubber products," Al Serkal added.
Hashim Al Hashim, Managing Director of International Rubber Company and now Partner at Technical Rubber, said, "As a prominent player in the regional rubber market for over 15 years, IRC has the required experience and expertise to successfully grow in KSA through the acquisition of Technical Rubber. The acquisition will help us diversify our production base and consolidate our market position in the region."
Technical Rubber specializes in the manufacturing of a wide range of rubber products including extruded profiles for architectural applications, water proofing and industrial sheets for floors and roofing, moulded products including wall guards, column guards, speed breakers, marine fenders, and bearing pads for bridges. Technical Rubber has obtained approvals from leading institutional customers in Saudi Arabia, Kuwait, Bahrain, Qatar and Oman.
Masharie has a direct investment portfolio of 18 companies operating in diverse sectors including construction materials, contracting, aluminium, telecom and interior design. The Dubai-based private equity firm, which boasts a consistent track record of growth and profitability, is actively pursuing strategic investment opportunities in the UAE and the Middle East region.
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