Al Quds Readymix Company announced that a 44% stake in the company has been acquired by Andalucia Resorts and Real Estate Development, United Arab Investment and Al Qabas Real Estate Development. The JD 10 million acquisition, amounting to 3.1 million shares of the total stock, was made through Jordan Stock Exchange.
Commenting on the transaction, Wasef Jabsheh, Chairman of Al Quds Readymix Company said: “We are delighted by the transaction with such a group of investors, as it makes real commercial and strategic sense. It is an excellent fit for both parties in that we provide readymix concrete and other products whilst they have a need to deliver on time for their line of construction and development projects."
Jabsheh went on to add, "We are pleased to share our vision and ambitions with a group of companies considered to be leaders in the construction business. Not only that, but we also trust that the expertise and investments opportunities that this group of investors will also enhance our abilities to execute our growth strategies and plans. Our longer term aim is for Al Quds Readymix Company to be the first choice when it comes to concrete products and Readymix in Jordan. “
On behalf of the three companies, Younis Al Qawasmi, a representative for the group elaborated by saying, “We chose Al Quds Readymix Company as we have confidence in the company’s experience and the quality of product which fits perfectly inline with our long term strategy for expansion. The timing of this cooperation couldn’t be better since we already secured contracts to develop a number of large projects such as Al Andalucia Housing project near Madaba.
The board of Al Quds Readymix Company and the group of investors will work closely to develop new levels of efficiency and proficiency within Al Quds Company. Al Quds Readymix Company was founded in 1996, and started producing ready mixed concrete complying with the highest standards. The Jabsheh family will retain a 27% of shares therefore remaining as one of the major shareholders.
