Strategic Partnership between ANC and Oman & Emirates Investment Holding created

Muscat and Dubai, June 15, 2009 (ME Newswire): ANC Holdings LLC, the Dubai based conglomerate with business interests in construction, foods, education, trading, hospitality, process and real estate, has announced the strategic acquisition of a 60% majority stake in Dhofar Fisheries Industries Company S.A.O.G. (DFIC), a regional leader in the processing and canning of tuna and sardines, based in Salalah, Oman. The new acquisition will see ANC Holdings, and its rapidly growing foods division Freshly Frozen Foods (FFF Dubai), take over management control of Dhofar Fisheries from the company's other main shareholder Oman & Emirates Investment Holding Company S.A.O.G. (O&E), a joint venture between the Governments of the Sultanate of Oman and the United Arab Emirates together with other founder shareholders from both countries. O&E is listed in Oman and the UAE.

Dhofar Fisheries is best known for its Blue Ocean brand of Tuna and Sardines, that enjoy high consumer recall in Oman and across the Middle East.

Tayeb Baker, Chairman, ANC Holdings said: "One of ANC Holdings key strengths is our ability to identify potential partners with whom we can forge strong alliances and partnerships.  The closing of this transaction is the next step in ANC Holdings' strategic growth into the regional food processing and distribution business. Dhofar Fisheries is an ideal acquisition target for us due to its state-of-the-art facilities and great brands with which we can accelerate the already fast-paced development of our foods business."

ANC Holdings, through FFF Dubai, currently operates a state of the art factory in Dubai, with four processing lines for meat, shrimps, value added foods and ready meals, and three main brands, which are Aashiana, Senora and Freshly Frozen Foods. Apart from the UAE, its home market, the company also exports food and food products to the US, Europe, Far East, Middle East and Asia and is in the process of launching several new restaurant brands, with the opening of the first outlet, named 'Bay Leaf', in Dubai as early as this month.

"Taking control of Dhofar Fisheries will result in efficiencies that allow a more regular supply, thus strengthening the Blue Ocean brand and making food products more easily available to the consumer", said Faris Baker, Vice Chairman, ANC Holdings. "Dhofar Fisheries gives ANC Holdings and FFF Dubai additional leverage in its move to establish a fully integrated supply and distribution chain", he added. "The timing could not have been better as our foods business has grown significantly in the last three years and forward and backward integration has become a necessity."

This partnership was welcomed by the Board of Directors of O&E and Mr. Awad Bamkhalef, CEO of O&E and Chairman of DFIC, said: "O&E was on the lookout for a strategic partner with similar food interests to help lift the performance of DFIC. ANC Holdings was seen as the partner of choice due to its vast capabilities and experience. We fully trust ANC's ability to drive DFIC's by maximizing the utilisation of the existing production facilities as well as introduce new product lines. We, at O&E, are looking forward to forge, beyond our partnership in DFIC, a strong alliance with a group of such standing as ANC in other opportunities. The operating staff of Dhofar Fisheries look forward to joining the ANC team, and we all are confident that the company, that has been in operation for the last eight years, is expected to grow exponentially under ANC's experienced and able management"..

This initiative falls within O&E's strategic programme to improve, develop and ensure success of its long term investments in Oman and the UAE.

-Ends-

About ANC Holdings:
ANC Group (www.ancholdings.com) started operations in 1976 and with its founding company ANC Contracting has played a significant role in creating the modern Dubai. The following years have seen the evolution of a group of companies, which has become a leading force in the construction industry and other sectors of the economy of the UAE. The vision now is to serve society in many emerging sectors through professionalism, responsive customer service and commitment to world-class products, and through pioneering innovations. With this vision ANC has diversified its business portfolio, focusing on Construction, Trading, Foods, Process, Education, Hospitality, and Advertising, supported at the head office by Finance, IT, HR and Advertising. ANC Holdings is focused on quality, with many of its companies been awarded ISO 9000 certificates of compliance. To continue with steady growth and maintain its position as market leader ANC Holdings has assembled a strong and dedicated management team that is well equipped for the challenges ahead.

About Dhofar Fisheries Industrial Company S.A.O.G.
Dhofar Fisheries Industries Company (www.dhofarfisheries.com) is an S.A.O.G company registered in the Muscat Security Market. Situated on the Indian Ocean port of Salalah, Oman, the factory is one of the most modern tuna and sardines canning factories in the world. The plant produces 22 million cans of tuna per year on a single shift basis, 27 million cans of sardines, 1800 metric tons of whole tuna loins, 1800 metric tons of fish meal and 250 metric tons of fish oil. Sold under the familiar brand name "Blue Ocean", tuna produced by Dhofar Fisheries is a popular choice among households from Oman to Lebanon. The production process is flexible and is geared to produce tuna and sardine cans as per customer requirements such as specific flavors, packing, oil, labeling, canning sizes etc. Dhofar Fisheries' priority is to deliver uncompromised and incomparable quality through world-class operations and logistics, and by fully utilizing its strategic location between the Arabian Sea and the Indian Ocean.

About Oman & Emirates Investment Holding Company SAOG (O&E)
Oman & Emirates Investment Holding Company (www.omanemirates.com) engages in investment activities and related services in the Sultanate of Oman and the United Arab Emirates. The company is headquartered in Muscat, Sultanate of Oman, with a branch that is also considered as a national company in Abu Dhabi, United Arab Emirates. O&E was established in 1993 as a joint venture between Governments of the Sultanate of Oman and the United Arab Emirates together with other founder shareholders from both countries. O&E is listed in Oman and the UAE. As an integral part of its mission, O&E studies and develops green field projects and acquires equity stakes in existing companies in the two countries with the aim to transfer technology and know-how, generate non-oil based income, and create employment potential for the Nationals and returns to its shareholders. O&E's core business is initiating, investing, promoting and developing projects. O&E's Investments in the form of Subsidiaries, Associate Companies and Founder Long Term Investments are in diverse sectors such as Manufacturing, Industrial (steel, aluminum, etc.), Agro-business industry, Fisheries, Food processing, Health Care, Education, Financial (brokerage, investment banking), Shipping and Ship Investment, Petro-chemicals, Tourism and Real Estate.  O&E also participates as founder investor in the initiation of projects with other corporate houses and international promoters such as power generation and distribution, ship repair services, petro-chemicals, real estate development, tourism, insurance, and financial services.

For more information please contact:
Veneet Mohan
General Manager, Projects
Awad Bamkhalef
CEO
ANC Holdings LLC
Dubai  UAE
Tel: +971 4 340 0004
Email: v.mohan@ancholdings.com

Oman & Emirates Investment Holding Company S.A.O.G.
Tel: +968 24489458
Email: awad@omanemirates.com

*Source: ME NewsWire

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© Press Release 2009