Amiantit sells its 51% share in Afico to Al Zamil Industrial Investment Company for SAR 65 Million

Mar 03, 2006

Dammam, February 2006: As part of the Amiantit Group's strategy to focus on its core industry of pipe manufacturing and water management projects, Saudi Arabian Amiantit Company has sold all of its 51% shares in Afico for SAR 65 million to Al Zamil Industrial Investment Company.

The transfer of ownership is in line with the spirit of cooperation between the two companies and will enhance Al Zamil's capabilities in their specialized area of providing integrated solutions for the building and construction industries. Afico will be jointly owned by Al Zamil and the American company Owens Corning Cayman Ltd.

Commenting on the sale, Eng. Fareed Al-Khalawi, President & CEO of Amiantit said, "Afico mankes high quality thermal and acoustical insulation products using fibreglass and the company came into being as a spin-off from Amiantit's leadership in fibreglass technologies which are at the core of our main line of business – the manufacture of pipes and accessories for water infrastructure projects. We are now directing our focus entirely on pipe manufacturing and water facilty management and extending our range to include specialized pipe products for the oil, gas and petrochemical industries."

The Amiantit Group ranks among the world’s biggest pipe manufacturers and is a global industrial organization with 33 manufacturing facilities, wholly owned or majority owned, in 16 countries and sales offices or representatives in more than 45 countries around the globe. In recent years, Amiantit has expanded its activities to include consultancy, building and operational services for complete water supply and wastewater management projects and is currently a leading participant in major infrastructure projects in many countries of the world.

Contact:
Corporate Office
P.O. Box 589
Dammam 31421
Saudi Arabia
Phone: + 966 3 847 15 00
Fax: + 966 3 847 16 45
E-Mail:info@amiantit.com
Web:http://www.amiantit.com 

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