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FINANCIAL NEWS
Saudi Printing and Packaging Company sells land to buy UAE firm
02 Jan 2013
(MENAFN) Saudi Printing and Packaging Company stated that it has reached a deal to sell a land located in Jeddah for USD57.4 million to fund the purchase of a plastics company in the UAE, reported Arabian Business.
The Saudi firm said that the 330,000 sq m plot is located in Dhahban area.
The sale will finance the acquisition of 100 percent of shares in Sharjah-based Emirates National Factory for Plastic Industries (Enpi), which specializes in the field of packaging and production of plastic products.
According to Saudi Printing, the acquisition will be financed via its own resources and Islamic financing.
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