Sun 03-10-2021 20:51 PM
ABU DHABI, 3rd October 2021 (WAM) – The International Holding Company (IHC) has entered right into a strategic partnership with ADQ, for a 50% stake in IHC subsidiary, Eltizam Asset Management Group, for a complete cash contribution of AED 111.6 million by way of a new shares issuance.
Founded in ’09 2009, Eltizam is one of the leading physical asset management companies in the UAE and broader GCC. Eltizam provides its clients through the entire region having an integrated suite of strategic management and property services, and recently acquired Inspire Integrated which focuses on infrastructure and property solutions, facilities management, and project delivery services.
Ahmad Ibrahim, Head of Corporate Communication of International Holding Company, said: “This transaction marks a substantial part of IHC’s strategy, sharpening our concentrate on our core vertical businesses. We have been pleased to have decided on a model that reflects Eltizam’s success and growth within the IHC portfolio, alongside a trusted partner, to provide significant value for shareholders.”
Roque Solabarrieta, Investment Director, at ADQ, commented: “Eltizam includes a proven record as an effective business model and contains an accretive value to ADQ’s portfolio. We’ve a shared vision with IHC to help expand enable the company to attain its full potential in its ambition as a leader in facility and property management over the region.”
WAM/Hassan Bashir/Tariq /> alfaham