Business | General
Emaar arm sells stake in Multiforms
Emaar Industries and Investments (EII) on Monday said it has sold a 40 per cent stake in Multiforms to Saudi-based Arabian Company for Water and Power Development (ACWA Power Development).
- Staff Report
- Published: 23:31 February 4, 2008
Dubai: Emaar Industries and Investments (EII) on Monday said it has sold a 40 per cent stake in Multiforms to Saudi-based Arabian Company for Water and Power Development (ACWA Power Development).
Multiforms is an architectural facade specialists and subsidiary of EII.
Neither company revealed the value of the transaction.
EII chief executive Ahmad Khayyat said, "Our partial exit from Multiforms is in line with our strategy aimed at building long-term value for our subsidiaries and unlocking their growth potential."
He said, "A strong partner like ACWA Power Development will ensure a quick access for Multiforms into its target markets. This is also in accordance with our commitment to our stakeholders to enhance value considerably."
EII engaged Shuaa Capital in August 2007 to broker the deal between Multiforms and ACWA Power Development.
ACWA Power Development is owned by A.K. Al Muaidib & Sons Group and A. Abunayyan Group. The company specialises in infrastructure projects development including water and energy application systems, wastewater management systems, and is also an active investor in the manufacturing and real estates sector.
Multiforms manufactures and supplies an extensive range of advanced architectural materials including aluminum windows, doors, curtain walling and cladding.
The company has four manufacturing facilities located in Al Quoz Industrial Area and Dubai Investment Park with a total area exceeding 600,000 square feet.
To date, Multiforms has invested Dh120 million on expansion efforts.
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