Dubai, Oct. 13th, 2008 (WAM) - M'Sharie LLC, the leading private equity company in the Gulf region and a subsidiary of Dubai Investments PJSC, announced the successful completion of equity investment in Anchor Allied LLC, the largest manufacturer of adhesive tapes and specialty adhesives in the UAE. M'Sharie acquired a 51% stake in the Sharjah-based company.
The partnership agreement was signed by Abdul Aziz Al Serkal, Managing Director of M'Sharie, and Hussain Nalwala and Ahmedali Nalwala, the founding partners of Anchor Allied. "Anchor Allied is a strategic addition to M'Sharie's growing portfolio of successful business units," Al Serkal said, explaining the rationale behind the investment. "Anchor Allied has a strong management team, and M'Sharie will be able to contribute significant value to the company's operations and accelerate its business growth by providing complementary skill sets."Hussain Nalwala, Executive Director of Anchor Allied, said, "We see this agreement as an exciting opportunity for Anchor Allied to widen its sphere of operations. The strategic support of M'Sharie, combined with our reputation in the market earned over years of providing world-class service to our clients, will set us on a path of sustained growth and position us among the best in the regional and global market."Established in 1993, Anchor Allied is the largest manufacturer of adhesive tapes, silicone and acrylic sealants, aerosol paints, lubricants and car care products in the Middle East. The company, renowned for the quality of its products, has a technical partnership with Dow Corning of USA. With M'Sharie acquiring 51% stake in the company, Anchor Allied is expected to double its current turnover of AED 250 million within the next three years. In the UAE, Anchor Allied is estimated to hold a 60% market share. With warehousing facilities set up in different parts of the world, the company currently sells its products in more than 55 countries including in the GCC, Eastern Asia, Indian subcontinent, Africa, Eastern Europe, Russia, North America and South America. "Over 50% of our total sales revenue is contributed by export markets, demonstrating the competitiveness of our operations," added Nalwala. Al Serkal concluded explaining the unique value proposition offered by M'Sharie: "We have made equity investments in over 18 companies in the past few years. We invest in high-potential existing businesses in diverse sectors and enhance their value through a number of innovative and distinctive strategies."M'Sharie is a subsidiary of Dubai Investments PJSC, which recently divested 40% equity share in M'Sharie to a selected list of strategic partners through private placement.Copyright Emirates News Agency (WAM) 2008.
