Abu Dhabi, UAE: Abu Dhabi-listed International Holding Company’s (ADX: IHC) listed subsidiary, Zee Stores P.J.S.C. (ADX: ZS), a specialist in trading food and non-food products and other services, has acquired 60% of privately-held Royal Horizon Holding LLC, a leading supplier of soft commodities to government and private sector buyers in the UAE.
The acquisition is worth AED 80 million ($21m), divided into AED 40 million payable to shareholders and AED 40 million as a capital infusion to Royal Horizon.
Falal Ameen, CEO of Zee Stores, 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. We are also adding internationally recognized brands to our own growing rooster of soft commodities and there will be numerous synergies in supply chain management that will give our earnings and profits a considerable long-term boost.”
Suhail Nekhaira Aida Suhail Al Efari, Chairman at Royal Horizon, commented: “Royal Horizon has enjoyed considerable success in the UAE since 2008 and the majority acquisition by Zee Stores will support our expansion strategy, and gives us further reach for our products with their growing customer base.”
Founded in 2008, Royal Horizon and its associated companies, Overseas Foodstuff Trading and Royal Horizon Fazaa Stores carry a portfolio of over 6,000 food and retail products. A total 43,000 sq.ft of retail space currently covers three locations namely, Ajman, Rak and Al Ain. Being one of the major rice distributors in the UAE, it has provided more than 21000 MT supply of rice during last three years. It is one of the most preferred dry food supplying partners of government departments such as the Ministry of Interior, Armed Forces, Municipalities etc. 18 private labelled items of Royal Horizon Holding are widely accepted in the wholesale and retail market. As of December 2020, it has total assets of AED 68 million and annual turnover of AED 123 million.
Zee Store PJSC
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.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
