Dubai – Mubasher: Emirates Reem Investments Company has acquired a 100% stake in Evergreen Plastic Products Manufacturing at a value of AED 44 million.

The transaction was processed after obtaining all the regulatory approvals, according to a bourse statement.

Evergreen has been operating business in the UAE since 2000, during which it provided tailor-made packaging products to fulfill the requirements of customers.

In the first half (H1) of 2023, the DFM-listed company incurred net losses valued at AED 7.88 million, an annual increase from AED 3.10 million.

Basic and diluted loss per share stood at AED 0.02 in H1-23, versus AED 0.10 in H1-22.

Reem Investments generated revenues amounting to AED 18.27 million as of 30 June 2023, compared to  AED 15.54 million a year earlier.