International Holding Company’s (IHC) wholly owned subsidiary IHC Food Holding has acquired a controlling stake in Abu Dhabi Vegetable Oil Company (ADVOC), the UAE conglomerate announced on Friday.
The acquisition of 75 percent shareholding of ADVOC is part of a settlement agreement with Dubai Islamic Bank against a total consideration of 91 million dirhams ($24.7 million), IHC said in a disclosure to the Abu Dhabi Securities Exchange (ADX).
IHC did not provide further details of the settlement agreement.
ADVOC manufactures edible oils and fats, with its flagship brand Coroli said to be one of the “market leaders” in the edible oils space in the Middle East.
The company also owns several other leading brands, including LiteLife, Sarola, Rooly and Amir, among others.
IHC has been on an expansion push. Last December, it acquired a majority stake in Abu Dhabi-based investment firm Al Qudra Holding.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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