Business | Investment
M'Sharie acquires 51% of Anchor Allied
M'Sharie LLC, a private equity company part of Dubai Investments, has acquired 51 per cent of Anchor Allied, a Sharjah-based manufacturer of adhesive tapes and specialty adhesives.
- Staff Report
- Published: 23:28 October 13, 2008
Dubai: M'Sharie LLC, a private equity company part of Dubai Investments, has acquired 51 per cent of Anchor Allied, a Sharjah-based manufacturer of adhesive tapes and specialty adhesives.
The partnership agreement was signed by Abdul Aziz Al Serkal, Managing Director of M'Sharie, and Hussain Nalwala and Ahmadali Nalwala, the founding partners of Anchor Allied.
"Anchor Allied is a strat-egic addition to M'Sharie's growing portfolio of successful business units," Al Serkal said, explaining the rationale behind the investment.
Anchor, which claims a 60 per cent market share in the UAE, is expected to double its current turn-over of Dh250 million within the next three years.
In another stake acquisition, Dubai Investments (DI), the largest listed investment holding company, said yesterday it has acquired a stake in Bahrain-based First Energy Bank, the first Sharia-compliant bank in the region focused on investment and financial services in the energy sector.
In a transaction valued at $65 million, DI acquired 50 million shares, or five per cent of the total holding of First Energy Bank, which is promoted by Gulf Finance House, Bahrain's Islamic investment bank.
"We see this acquisition as a significant step in expanding our investment horizons within the Arab region," Khalid Kalban, managing director and chief executive officer of Dubai Investments, said in a statement.
"Dubai Investments is focused on diversifying its investments and widening its geographic reach, and occupying a position of primacy across the business and financial spectrum remains at the core of our strategic ambitions," he said.
Oil and gas
First Energy Bank, which commenced operations in June 2008, focuses primarily on the oil and gas, transportation, petrochemicals, power and independent water and power production sectors.
The bank is expected to generate a net profit of $107 million and a return on investment of 11 per cent of in its first year of operation itself, the Dubai Investments statement said.
More from Investment
More from Business
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
