‎Alwasail buys factory in Ras Al Khaimah for SAR 4.8 mln

‎Alwasail buys factory in Ras Al Khaimah for SAR 4.8 mln

Alwasail Industrial Co. bought in public auction, via Emirates Auctions, a factory in Ras Al Khaimah, UAE, for SAR 4.81 million on June 2, the company said in a statement to Tadawul.

Located in the Ras Al Khaimah’s industrial area, the factory for plastic products related to Alwasail’s activities has an annual production capacity of 21,000 tons. It will be used in the manufacture and production of the company's products.

The move follows Alwasail’s need to expand its operational sectors and develop its production processes to meet the increasing demand for its products.

The factory value pay by public auction, and the transaction was funded by the company's own resources, the statement noted, adding that there is no financial data for the past years for the factory.

Through the purchase, Alwasail seeks to expanding its manufacturing sector, increase production capacity, acquire a larger market share, and increase the revenues and profits of the operating sectors.

There are no related parties to the purchase, the company said.