Riyadh - Sharikat Mubasher: The Saudi Investment Recycling Company (SIRC) signed an agreement to acquire a 35% stake in the Arab Paper Manufacturing Company (Waraq), SIRC revealed in a press release.
The signing ceremony was held in Waraq’s headquarters in Dammam in the presence of Zeyad Al-Shiha, CEO of SIRC, Hasan Al-Amri, Chief Business Development Officer at SIRC, and Mohammed Al-Khereiji, Vice Chairman of the Board of Directors of Waraq.
Al-Shiha stated that the agreement came as part of SIRC's strategy to expand business on all recycling tracks and mirrored the company's efforts toward green investment, in alignment with Vision 2030 goals to establish a safe and sustainable environment.
Waraq, established in 1994, is a pioneer and innovator in the containerboard recycling industry. It is a leading provider of quality corrugated case materials (CCM) based in Dammam.
SIRC, wholly owned by the Public Investment Fund (PIF), was established in 2017 to promote recycling and the preservation of natural resources, aligning with the environmental and sustainability goals of the Kingdom's Vision 2030.
