Abu Dhabi, UAE: Zee Stores, the trading and distribution firm listed on the ADX Second Market, has announced that it will rebrand to Ghitha and expand its strategy to become a Key Player in the food industry, which will support the UAE’s food security agenda.
The holding company will add a number of related businesses to its existing portfolio, through future acquisitions and subsidiaries’ formation, which will enhance its core capabilities in wholesale importing and trading fresh and canned foods; packaging; and providing food services to industrial sites such as gas and oil fields. Its ticker symbol will then change to GHITHA from ZS.
The new strategic direction will enable Ghitha Holding to become one of the largest and most important players in the regional food trading sector.
Mohammed Somar Ajalyaqin, Chairman of Ghitha Holding, said: “With the UAE’s National Food Security Strategy aiming to make the Emirates the world’s most food-secure nation by 2051, expanding operations in food and agriculture presents an ideal opportunity to deliver shareholder value through commercial success while supporting the national development agenda. This transformation of Zee Stores into Ghitha Holding represents the next stage in the company’s journey, and through our growing operations we will continue to play an even greater role in this sector.”
Ghitha Holding is a subsidiary of International Holding Company (IHC), the Abu Dhabi-headquartered multi-sector conglomerate which has implemented an ambitious strategy of consolidating and listing subsidiaries to transform them into powerful multi-sector operators. IHC holds an extensive portfolio in its Agriculture and Food & Beverage verticals and has developed deep expertise in food farming, trading and processing, empowering it to make significant contributions to the UAE’s food security strategy.
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International Holding Company (IHC)
IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE. Adhering to ‘Abu Dhabi’s Vision 2030’, the ADX listed company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates. IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations. Comprising more than 30 entities, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.
With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes, and new opportunities arise, IHC remains focused on resilience, innovation and redefining the marketplace for itself, its clients, and its partners.
Ghitha Holding (formerly Zee Stores)
Ghitha Holding (formerly Zee Stores) was founded in 2002 and currently operates as a Food and Distribution subsidiary under the International Holding Company (IHC) Abu Dhabi. The company specializes in trading food and non-food products, including importing, re-packaging, wrapping, storing, and distributing dry canned, chilled, frozen, processed and fresh food products; household items, stationery, disposables and cosmetics; and chemicals and other allied on- and off-shore oil and gas field services. Zee Stores has assets of AED 189 million as at the end of September 2020 and its annual turnover is around AED 300 million. The company was listed on the ADX Second Market in December 2020.
Media Contacts
IHC
Ahmad Ibrahim
Head of Corporate Communication & Media
Ahmad.ibrahim@ihcuae.com
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