Zee Stores acquires majority of Royal Horizon

Royal Horizon Holding is a distributor of soft commodities

  
An investor (L) gestures to an electronic display board at the Dubai International Financial Market, March 24, 2010.

An investor (L) gestures to an electronic display board at the Dubai International Financial Market, March 24, 2010.

REUTERS/Mohammed Salem
Abu Dhabi – Mubasher: Zee Stores, a subsidiary of International Holdings Company (IHC), has acquired 60% of privately-held Royal Horizon Holding in exchange for AED 80 million ($21 million).

Founded in 2008, Royal Horizon Holding is a distributor of soft commodities to government and private sector buyers in the UAE, according to a press release on Wednesday.

The worth of acquisition is divided into AED 40 million payable to shareholders and AED 40 million as a capital infusion to Royal Horizon.

Commenting on the acquisition, the CEO of Zee Stores, Falal Ameen, said: "The majority acquisition of Royal Horizon gives us an immediate entry into the retail food space, with stores in Ajman, RAK, and Al Ain and a medium-term strategy of opening 4 more stores by 2025 and affording us over 138,000 sq/f of retail space for our combined 25,000+ food and retail products."

Meanwhile, the Chairman at Royal Horizon, Suhail Nekhaira Aida Suhail Al Efari, remarked: "The majority acquisition by Zee Stores will support our expansion strategy, and gives us further reach for our products with their growing customer base."

Source: Mubasher

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