Well-known Omani ceramics manufacturer Al Maha Ceramics Company SAOG has announced in a filing to the Capital Market Authority (CMA) that it has signed a Sales & Purchase Agreement (SPA) to acquire 45 per cent of Al Hael Ceramics Company LLC — one of the largest companies of its kind in the Middle East.
Under the deal, Al Maha Ceramics will manage and operate Al Hael’s ceramics plant for a term of five years. Additionally, Al Maha will use its brand for Al Hael products during this period.
The production capacity of Al Hael’s factory is 55 thousand square metres per day of ceramics and porcelain tiles. The factory can also produce large sizes of porcelain plates, and it is hoped that the factory's production will cover a large percentage of the local market's need of high-quality ceramic and porcelain tiles.
Al Hael’s factory, one of the largest in the Middle East, is equipped with the latest Italian technologies in tiles manufacture from SACMI.
Masoud bin Humaid al Harthy, Chairman — Al Maha Ceramics, said: “We would like to point out that the completion of the acquisition process is subject to approval of the competent authorities. The Company shall keep the shareholders apprised of further developments concerning the purchase of Al Hael Ceramics shares through further disclosures.”