Tuesday, Jan 31, 2012
DUBAI (Zawya Dow Jones)--Abu Dhabi-based Centurion Investment is set to acquire 40% of UAE Exchange, one of the largest foreign exchange and remittances businesses in the Middle East, the exchange house's managing director and chief executive said.
B.R. Shetty confirmed by telephone that the transaction would involve Centurion taking a 40% stake, but declined to put a value on the deal.
"We have found a new partner, that's all we can say," he said, adding that the acquisition was currently being formalized.
The move comes about a year after Centurion acquired 40% of NMC Healthcare, where Shetty is also managing director and chief executive.
UAE Exchange has 555 offices in 29 countries across the globe, according to its website. Centurion is a private Abu Dhabi investment company.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
31-01-12 1439GMT
