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Roots Steel International Co. Ltd Acquires Two Bank Of Sharjah Subsidiaries

Acquisition of Ginco Steel L.L.C. and Polyco Co Ltd part of the Saudi Arabia-based steel manufacturer’s aggressive expansion push in the region

Roots Steel International Co. Ltd (Roots Steel Group), a leading Saudi Arabia-based manufacturer of pre-engineered metal building systems, announced today the acquisition of two Sharjah-based companies - Ginco Steel L.L.C. and Polyco Co. Ltd, both wholly owned subsidiaries of Bank of Sharjah.

The acquisition is part of Roots Steel Group’s aggressive expansion strategy in the region.

“Roots Steel Group aims to be the leading player in the metal building and structural steel industries in the region,” said Mahmoud Mustapha, Managing Director of Roots Steel Group. “The acquisition of Ginco Steel and Polyco complements our expansion strategy in the region, and will allow us to meet our operational requirements and growth demands more efficiently.”

Roots Steel engages in the design, engineering, project management, manufacturing, sale, erection, and after-sales service of pre-engineered metal building systems (PEBs) in Saudi Arabia, the United Arab Emirates, Syria, and Egypt. Headquartered in Jeddah, Saudi Arabia, the company offers customized metal building systems and components for industrial, commercial, and institutional applications.

Ginco Steel LLC, established in 1975, is an ISO 9001:2008-certified structural steel company based in the Sharjah Industrial Area. Its core activities include design, production, sales and erection of steel structures for high-end oil and gas, infrastructure, industrial, commercial and other projects.

Polyco Ltd Co., established in 1982 and also an ISO 9001:2008 company, operates mainly in design, production, sales and erection of conveying systems for the mining, industrial and food industries. Polyco also manufactures and supplies various types of oil field cabins.

Following the acquisition of Ginco Steel and Polyco, Roots Steel Group is stepping up its expansion initiatives further with the establishment of a new plant in Egypt, which will be inaugurated by May 2011. Another new plant facility in Bahra near Jeddah is expected to be operational by mid-2012.

The Group is targeting a combined production capacity of 300,000MT per year from all its plants, covering the Middle East, Africa and Asia, Mustapha said.

“Roots Steel Group has grown significantly since the founding of its first plant in Syria in 2009. Through remarkable business expansion and through continued emphasis on production techniques and product quality, we aim to serve our customers better and reach production levels that would sufficiently meet local and international demands for steel,” he concluded.

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