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Al Waha Maritime acquires 49% stake in offshore services company

Al Waha Maritime, a subsidiary of Waha Capital, the Abu Dhabi Securities Exchange-listed diversified holding company, acquired a 49 per cent stake in GMMOS Group, an Abraaj Capital portfolio company and a major regional industrial group operating in the marine, oil & gas and crane-hire sectors across the Gulf and Caspian markets.

  • Staff Report
  • Published: 19:52 July 21, 2008
  • Gulf News

Abu Dhabi:Al Waha Maritime, a subsidiary of Waha Capital, the Abu Dhabi Securities Exchange-listed diversified holding company, acquired a 49 per cent stake in GMMOS Group, an Abraaj Capital portfolio company and a major regional industrial group operating in the marine, oil & gas and crane-hire sectors across the Gulf and Caspian markets.

The acquisition follows an agreement between Waha Capital with Abraaj Capital, a Dubai-based private equity firm. Under the terms of the agreement, Al Waha Maritime acquired 40 per cent from investors exiting the co-investment vehicle, and the remaining nine per cent from Abraaj Buyout Fund II (ABOF II).

Proceeds from the sale of the nine per cent ABOF II stake will be applied towards reducing the cost of the original Abraaj Capital investment, Abraaj said in a statement on Monday.

"This acquisition is in line with our strategy to build a significant regional maritime business alongside other businesses from our base in Abu Dhabi," Waha Capital's Chief Executive Officer Samer Alhaj said.

In May 2007, Abraaj Capital, together with co-investors, acquired 100 per cent of GMMOS Group, through its $500 million ABOF II.

"As one of the leading suppliers to the offshore industry, GMMOS Group is uniquely positioned to meet the needs of companies active in offshore exploration and development in the Gulf and Caspian regions," said Arif Naqvi, Vice Chairman and Group Chief Executive Officer, Abraaj Capital.

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