Commenting on this landmark deal, Dr. Faysal Alaquil, Director of Business Development and official spokesman of CPC, said:
“The establishment of WARID is a merger of two notable companies, United Transport Co. ltd. (UTC), a transport company for heavy loads owned by CPC; and Zahid Heanor, a company specializing in transport of heavy loads owned by Zahid Holding Group.”
WARID’s initial investment is the acquisition of UTC, a heavy transport company, and Zahid Heanor, a heavy transport company , with a projected capitalization to be in the region of SR300m at a combined enterprise value of approximately SR120m.
Further investments will include large advanced warehousing facilities in the Kingdom’s major centers.
“UTC and Zahid Heanor have both been operational for over 30 years and provide a strong cornerstone for expanding into warehousing & distribution, supply chain management (SCM) and project logistics. WARID’s plan is to provide warehousing, transportation and logistic solutions for a broad customer base in project, construction, industrial and trading sectors throughout the Middle East and North Africa. WARID also intends to align activities with the Kingdom’s new Economic Cities and Logistics Hubs.”
Dr. Alaquil stated.
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