Abu Dhabi listed Emirates Stallions Group (ESG) has acquired a 70 percent stake in WFC Holding as part of its efforts to diversify into new areas, the company said on Wednesday.
ESG said WFC Holding, which encompasses business process outsourcing and manpower outsourcing services, will complement its mainstream construction and real estate business and take advantage of growing demand in the UAE.
Matar Suhail Al Yabhouni Al Dhaheri, Chairman of ESG, said: “This acquisition will allow us to expand, manage and control our client’s manpower operations better and will allow us to expand our business into other relevant areas to meet the growing demand for UAE manpower services.
“With ESG owing 70 percent of WFC Holding, we are confident this is going to boost their growth plan and help them reinforce their existing capabilities in permanent hiring, managed business solutions, Cross Border, Contract staffing and complex workforce management solutions.”
A bourse filing by ESG said WFC Holding’s revenue reached AED 405 million ($113 million) in 2020, up from AED 90 million in 2019, with a net profit of AED 15 million, compared to AED 6 million in 2019.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
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