Zoujaj transfers additional stakes in Guardian RAK, GulfGuard

The National Co. for Glass Industries (Zoujaj) on Apr. 12 completed the procedures required for transferring additional stakes at 10 percent each in Guardian Zoujaj International Float Glass (Guardian RAK) and Saudi Guardian International Float Glass Co. (GulfGuard).

The Saudi glass manufacturer raised its holding in Guardian RAK and GulfGuard to 55 percent each, after acquiring 121,110 shares and 6,710 shares in both firms, respectively, Zoujaj said in a statement to Tadawul on Sunday.

The related financial impact is likely to show in Q2 2017.

The stakes were acquired from Al Zamil Group Holding Co. and Eastern Industrial Investment Co. respectively, Argaam earlier reported.

Under the deal, the Saudi glass manufacturer paid SAR 12 million in cash and issue SAR 2.9 million shares to the sellers.