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Emirati firm acquires 50% of Jordanian cement manufacturer:UAE-based AMP Global Trading has acquired a 50% stake in Jordan’s Cement Experts Co. for Development and Investment from Tadawul-listed Northern Region Cement Company signed for USD 55 mn, it said in a disclosure to Tadawul yesterday. The Saudi company offloaded its stake as it looks to pay off some of its debt and allocate the funds to other investments in “promising markets,” it said.
An Iraqi cement factory is part of the package: The transaction hands the UAE-based company a 51% stake owned by Cement Experts in a joint investment in a cement plant Al Kubaisa.
IN OTHER M&A NEWS-
Saudi energy, construction, and industry-focused player Algihaz Holding is restructuring its holding of Lamprell, the UAE-based offshore and onshore engineering, procurement, construction, and installation (EPCI) company, bringing its direct ownership to 90%, Aleqtisadiah reported yesterday.
Why it matters: Lamprell is part of the JV that is building the region’s biggest shipyard. The Aramco-sponsored joint venture is building International Maritime Industries (IMI) as the region’s largest full-service shipyard at Ras Al Khair on the coast of the Arabian Gulf. Lamprell holds a 20% stake alongside Aramco (40%), Bahri (20%), and Hyundai Heavy Industries (20%).
Lamprell is also active in the renewables business, providing wind turbine foundations, HVAC/HVDC offshore jackets, and multi-purpose vessels, according to the company’s website.
Regional footprint: Lamprell owns fabrication facilities in Hamriyah and Khalid Port in Sharjah, and Jebel Ali in Dubai, according to its website. The company is also operating in Iraq through its subsidiary Maritime Industrial Services.
The transaction: Algihaz has acquired the entire stake of its subsidiary Thunderball Investments, which held a 73% stake in Lamprell. Algihaz became the sole owner of Thunderball after acquiring the entire 60% stake of Blofeld Investment Management in October 2023. (You have to love the James Bond references there, folks.)
