Aamal Company and Masraf Al Rayan Announce Signing of Agreement for Aamal to Purchase Masraf Al Rayan’s Stake in Their Joint Venture, Ci San Trading
Doha, Qatar – May 30, 2024
Aamal Company Q.P.S.C., one of the region's leading diversified companies, and Masraf Al Rayan Q.P.S.C., a leading Islamic financial institution in Qatar, announce the signing of the agreement for Aamal Company, through its subsidiary Aamal Readymix, to purchase Masraf Al Rayan’s 50% stake in Ci San Trading L.L.C., a company jointly owned by Aamal Company and Al Rayan Bank, for QAR 32 million.
Ci San Trading L.L.C. was established in 2008 as a 50:50 joint venture between Aamal Company and Masraf Al Rayan, with a paid-up capital of QAR 30.6 million. Ci San Trading invests in various sectors and currently owns two subsidiaries, Gulf Rocks and Aamal Maritime Transportation Services. Aamal Readymix, wholly owned by Aamal Company, is one of Qatar's largest producers of high-quality ready-mix concrete, with an annual production capacity of 600,000 cubic meters.
His Excellency Sheikh Mohammed bin Faisal Al Thani, Vice Chairman and Managing Director of Aamal Company, stated: "This transaction is another strategic step which further strengthens Aamal’s leading position in the industrial manufacturing sector and builds on our successful track record. Aamal was among the first private sector companies to develop a strong investment portfolio in industrial manufacturing, to the benefit of our esteemed shareholders and stakeholders."
Mr. Rashid Al Mansoori, CEO of Aamal Company, added: "I am pleased to announce this agreement to buy Masraf Al Rayan’s stake in Ci San Trading through our subsidiary, Aamal Readymix. We look forward to further enhancing Ci San Trading’s market-leading position, increasing its competitiveness, and strengthening its financial position. This transaction is an important step in Aamal’s strategic planning and we look forward to announcing further initiatives in due course."
Mr. Fahad bin Abdullah Al Khalifa, GCEO of Masraf Al Rayan, said: "We are pleased to reach an agreement to sell our stake in Ci San Trading to Aamal Company. This transaction is part of the bank's new strategy to exit some of our non-banking investments and focus on our banking activities and operations, elevating Masraf Al Rayan’s services to the highest levels."