29 July 2008
Al-Futtaim announced yesterday a deal worth more than dhs300 million to acquire a majority shareholding in Sri Lanka-based Associated Motorways (AMW).
Al-Futtaim Engineering (AFE), a wholly-owned subsidiary, paid in excess of dhs165 million to acquire the 51 per cent holding in AMW held by Associated Electrical Corporation, an investment holding company.
AFE later purchased a further 20 per cent of AMW's shares held by investment holding company John Keells."We see enormous potential to grow AMW's core business and to expand into new sectors and markets," said Bob Farrow, senior general manager of business development at Al-Futtaim Automotive.This latest deal follows Al-Futtaim's recent acquisition of Singaporean retailer Robinson Group.
Al-Futtaim announced yesterday a deal worth more than dhs300 million to acquire a majority shareholding in Sri Lanka-based Associated Motorways (AMW).
Al-Futtaim Engineering (AFE), a wholly-owned subsidiary, paid in excess of dhs165 million to acquire the 51 per cent holding in AMW held by Associated Electrical Corporation, an investment holding company.
AFE later purchased a further 20 per cent of AMW's shares held by investment holding company John Keells."We see enormous potential to grow AMW's core business and to expand into new sectors and markets," said Bob Farrow, senior general manager of business development at Al-Futtaim Automotive.This latest deal follows Al-Futtaim's recent acquisition of Singaporean retailer Robinson Group.
© 7Days 2008
