Riyadh – Mubasher: The National Company for Glass Industries (Zoujaj) signed an acquisition agreement with Al Zamil Group Holding Co. and Eastern Industrial Investment on Monday.
Under the deal, Zoujaj will acquire 22,020 shares in Guardian Zoujaj International Float Glass (Guardian RAK) and 1,220 shares in Saudi Guardian International Float Glass Co. (GulfGuard).
The full acquisition of the stakes will raise the company’s shareholding in both companies to 55% from 45%, according to a bourse filing on Tuesday.
Zoujaj will purchase the stakes for SAR 12 million in cash, in addition to issuing 2.9 million shares in the company for the Al Zamil Group Holding Co. and Eastern Industrial Investment.
The cash sum will be financed through the internal resources or banking finance, or both, the statement said.
Zoujaj’s capital will be increased to SAR 329 million from SAR 300 million, with the issued shares accounting for 9.67% of the company’s current shares.
The agreement’s conditions include paying the deal’s value on four equal installments of SAR 3 million each, so that the first installment to be paid on the sale completion date and the rest every three months.
The acquisition is on condition of the approval of the Capital Market Authority (CMA), the extraordinary general meeting (EGM), Ras Al Khaimah Department of Economic Development, Ministry of Trade and Investment and Saudi Arabian General Investment Authority.
