Arab Technical Construction and Arabtec Construction acquire Arab Austrian Ready Mix Concrete Company

The purchasing agreement states that the new partners, who will be considered starting from 24 September 2005, will acquire/own the current company while the old partners will settle the company's due payments before the mentioned date.

Speaking on the major acquisition, Riad Kamal, Managing Director, ATCC said: "We are committed to each and every old signed contract with suppliers and company clients, besides employee contracts. We will maintain the same company functions, licensing and the trade name of the company."

"The financial liquidity necessary for purchasing the company is available with Arab Technical Construction Company and it will supply Arabtec Construction with around 1/3 of its annual requirements of ready mix concrete, which will support them in executing the construction contracts with higher efficiency", remarked Mr. Kamal.

"We are looking forward to providing the best choices and decisions that will serve our interests and provide our organization with a unique, leading position that will contribute to increasing income and the variety of sources simultaneously. There is no doubt that the acquisition of Austrian Ready Mix Concrete Company complements the nature of activities, which Arabtec Construction Company is undertaking and therefore it supports our competitive, leading position in the regional construction sector", he added.

The daily production capacity of the factory is around 3,000 cubic meter of ready concrete and the factory has the capability of doubling this production to reach 1,500,000 cubic meters on a yearly basis.