M'sharie acquires 51 per cent stake in regional rubber company

The move sees M'Sharie acquiring a 51 per cent equity share in International Rubber Company (IRC), a leading regional producer of rubber and plastic products.

"We are delighted to finalise this deal as IRC is a well established, highly reputable company with many notable clients and years of expertise. This innovative company represents a valuable investment opportunity as IRC has the capabilities of providing tailored solutions to service the huge potential within the construction industry," said Abdul Aziz Al Serkal, Managing Director, M'sharie.

IRC is a UAE-based company that produces and markets synthetic polymer rubber and plastic products specifically catering to the property development industry. The company produces high quality weather strip and associated products including structural, container and automotive seals, moulded rubber items, plastic items and PVC water-stops.

As one of the region's leading rubber and plastic companies, IRC has supplied products to many of the UAE's premier property developments, including the Burj Dubai, Jumeirah Beach Resort and Dubai Festival City. Internationally, IRC has contributed to construction sectors in Singapore, Qatar, England and Saudi Arabia.

"This is a great opportunity for IRC to entrench our position in the UAE markets and continue to drive our expansion internationally. We are a quality-focused and customer centric company and we have invested heavily in maintaining cutting-edge technology and services to stay afloat with developments in the industry. With the full support of M'sharie, IRC is well-positioned to expand our production capacity and product range to serve our customers efficiently and also enter new segments including automotive, engineering and other sectors" said Hashim Al Hashim, Managing Director, IRC.

"It is part of our strategy to add companies from diversified fields to our portfolio and M'Sharie, as a private equity company, is currently engaged in negotiations with six companies that we hope will be additions to the 15 companies under our umbrella," Al Serkal added.

Besides IRC, M'sharie currently has a portfolio of 14 companies including Emirates Extrusion Factory (aluminium profiles manufacturing), Lite Tech Industries (lighting fixtures), Gulf Metal Craft (steel and aluminium fabrication), Metrofile (document management services), Labtec (laboratory furniture's), Gulf Dynamic Services (interior decoration), Gulf Dynamic Switchgears(design and manufacturing of low voltage switchgear panels and electrical equipment), ( Emicool (district cooling), Syscom Emirates (telecommunication system integration services), Thermoset Technologies (FRP panels), National Insulite (insulated construction blocks and panels),Thermostone (aerated concrete blocks), Stromek (mechanical foundation work) and Folcra Beach (Architectural Aluminium designers).