Musharaka Financial Company announced that it has successfully completed the acquisition of a 25% stake in Armas Limited. Mr. Ibrahim Fahad Al-Assaf, CEO of Musharaka, stated, “We have evaluated numerous investment opportunities in the past period, and Armas stood out as one of the most promising opportunities due to its transformation and growth following the completion of its restructuring process.”
Al-Assaf noted that this acquisition aligns with Musharaka’s strategic plan for 2017, emphasizing that the company believes in the potential of the Saudi economy and maintains a positive outlook on the local industrial sector.
He further expressed his expectations that Musharaka’s acquisition will significantly enhance Armas’ ability to expand, introduce new production lines, and offer additional products to the market, complementing its existing product range.
On his part, Dr. Abdul Latif Mohammed Bahiri, CEO of Armas, stated, “This acquisition is a result of Musharaka’s confidence in Armas’ operational efficiency and its expansion plans. It is expected to have a positive impact on Armas’ performance in the future.”
He added, “The restructuring process carried out over the past three years, which began at the end of 2013, led to the highest profit margin in the company’s history in 2016, despite market contraction. The management has focused on enhancing the administrative structure, improving the operational model, and strengthening technical expertise to enable the company to achieve its strategic and financial goals.”
About Armas
Armas was established 25 years ago and specializes in manufacturing kitchens, cabinets, and sinks, in addition to solid surfaces for kitchens and bathrooms.
The company operates under several well-known brands, including:
- Maromix for solid surface production.
- German Kitchens for kitchen manufacturing.
- Commander, a global brand for cabinets, where Armas serves as the exclusive agent for Commander in Saudi Arabia.
This acquisition is expected to play a crucial role in Armas’ growth, support the local industrial sector, and contribute to Musharaka Financial Company’s strategic vision.