Sadeed Investment, a company owned by top Saudi asset management firm Swicorp, has acquired a 30 per cent equity in BRC Industrial (Saudia), a long steel products manufacturing company in the kingdom.

Founded in 1974, with revenues poised to exceed SR1 billion ($266 million) this year, BRC has been growing steadily over the past 30 years on the back of strong investment in infrastructure in the Kingdom.

Through the ongoing commissioning of its new Dammam plant and the establishment of a new facility in Jeddah, the company is expected to double its capacity and is confirming itself as the partner of choice for all concrete reinforcement needs and fencing solutions across the Kingdom.

A Swicorp and Partners-owned investment vehicle Sadeed Investment said it was dedicated to making investments in Saudi steel sector.

Commenting on the deal, Sheikh Nasser Al Howaish, BRC’s chairman and representative of the Al Howaish family, said:  "We are delighted to welcome Sadeed and its shareholders onboard as partners in our business, as we believe this partnership will strengthen our organization and reinforce BRC’s position of leadership in the domestic reinforcement and fencing markets."

Swicorp’s chairman Kamel Lazaar said the company was thrilled to be joining forces with the BRC family.

"Our profound interaction with the company’s management and outstanding shareholders have led us to appreciate the unique quality offering of the company and recognize that it is a fantastic platform for growth, both in its current lines and on the back of quality opportunities that we seek to pursue hand-in-hand in support of the Kingdom’s economy," he observed.

"In the months ahead, Swicorp shall seek to make further direct investments with its partners in strongly grounded and high potential companies such as BRC across the Kingdom, he added.-TradeArabia News Service