SBM announces the 100% acquisition of Zalal Readymix Concrete Factory in Riyadh from Jwan Group Holding with Wasatah Capital as financial advisor

[February 28, 2012]

Saudi Building Materials (“SBM”) announced today that it has acquired the Zalal Readymix Concrete Factory in Riyadh from Jwan Group Holding (“Jwan”).  Mr. Ahmed Mohammed Jastiniah, Chairman of SBM stated: “we are happy to complete this acquisition as part of SBM’s regional expansion strategy.” 

During the signing ceremony, Mr. Jastiniah stated: “over the past 30 years, SBM has overcome a number of local and regional challenges in executing some of the largest projects in the region.  Additionally, SBM is interested to acquire other readymix concrete factories across Saudi Arabia in the future.”

Saudi Arabia has witnessed an increase in private sector and government projects to meet the growth in the concrete sector through local and foreign direct investment.  The concrete sector is considered one of the most important local industries with an estimated market size of greater than SAR 2.5 billion.

Wasatah Capital acted as financial advisor to Jwan.

Signing ceremony attendees (from left to right): Mr. Majduldeen Albasheer (Board Advisor – SBM); Engineer Ahmed Kouther (Executive Member – SBM); Mr. Ahmed Jastaniah (Chairman – SBM); Mr. Faisal Kaki (Board Member – SBM); Mr. Abdulaziz Al-Owaisi (Chairman – Jwan); Mr. Abdullah Alrasheed (CEO – Wasatah Capital); Mr. Shivendra Singh (Head of Corporate Finance & Private Equity – Wasatah Capital); and Mr. Leo Doyle (Manager Technical Operations – Jwan).