Swicorp Joussour Company announced that it has completed SR546 million ($149 million) in transactions across the greater Mena region.

Swicorp Joussour is a Saudi joint stock company launched by Swicorp with a capital of SR2.67 billion.

"The transactions are aligned with the company’s focus on energy and energy-intensive industries that leverage the competitive advantages of the region," Nabil Triki, managing director and head of private equity at Swicorp and managing director at Swicorp Joussour.
 
The Swicorp Joussour board of directors has recently approved three additional transactions worth $209 million to be executed in the coming months, he added.

“Since the launch of Swicorp Joussour, we are on track to invest over SR1.3 billion of the company’s capital in several quality transactions spanning the realm of the energy and energy-intensive sectors. We are confident that we will continue to source and execute additional transactions in the coming months,” Triki commented.

He said the company has also acquired a controlling stake in Eastern Petrochemicals Company (Epetco), a new company which is poised to become a regional leader in glass fiber reinforcements and composites. 

Fiberex Glass Corporation of Canada, the world leader in the production and marketing of ECR glass fibers, is providing proprietary technology and exclusive advanced process rights to Epetco in Saudi Arabia. 

Headquartered in Riyadh and with its flagship plant in Jubail, Epetco will be the leading glass fiber reinforcement manufacturers in the region.

The initial cost of the flagship plant is estimated at $180 million with a target capacity of 60,000 MTPA. The plant will be one of the largest ECR glass fiber plants in the world. The plant start-up is scheduled for the second half of 2009, Triki said.-TradeArabia News Service