Apr 11, 2014
Alturki Holding acquired the remaining 56% shares of Grace Saudi Arabia in a Share Purchase Agreement signed on the 11th of April this year, fully incorporating Grace Saudi Arabia into its building material sectors.
With two recently equipped plants in Jeddah and Dammam is in line with Alturki’s expansion strategy, in broadening the product range of the ready-mix Building Material sector.
“We are extremely pleased to announce the incorporation of Grace Saudi Arabia. Over the years, we have worked hard to build a strong reputation in the market and we take pride in our diverse client portfolio, not only does Grace offer innovative engineering and construction solutions, it is also noted for its reliable service, expert human capital, global reach and strong customer relationships,” said Rami Alturki, President & CEO of Alturki.
“This agreement attests to the Alturki’s continuous focus on expanding and developing the business through product quality, investment and innovation.”
Adel Al-Taher, formerly Construction Sector Manager of Inma Trading (A subsidiary of Alturki) has been appointed as the new Managing Director of the newly acquired Grace Saudi Arabia.
Following the acquisition proceedings, it will be re-named “Arkaz” though will continue to produce and sell concrete admixtures under licenses of W.R Grace.