Khansaheb Investment, a leading UAE business conglomerate and the owner of top contractor, said it has bought back its shares from Interserve International Limited.
Interserve previously owned shares in three Khansaheb companies – Khansaheb Civil Engineering
(Contracting), Khansaheb Group (facilities management) and Khansaheb Hussain (oilfield contracting).
With the buy-back, Khansaheb Investment is now the primary owner of all its group companies.
On the strategic move, Chairman Tariq Hussain Khansaheb said: "We are pleased to announce the successful acquisition of Interserve’s shares in three of our companies, as we reclaim full ownership of our assets."
"We are confident Khansaheb Civil Engineering and Khansaheb Group will continue to deliver an excellent service to our customers, maintaining them as a Contractor of choice in their industries. We look forward to continuing to develop a world-class portfolio of companies that add tangible value to the UAE economy," he stated.
"This will help strengthen the resilience of the UAE and contribute to our nation’s economic recovery post Covid-19," he added.
Khansaheb Investment expanded its portfolio with Clemenceau Medical Centre equity partnership. In addition, Khansaheb Investment announced the launch of Dynamic Advanced Training, the first independent aviation safety training centre in the Mena and South Asia region, located at Mohammed Bin Rashid Aerospace Hub in Dubai South, adjacent to Al Maktoum International Airport.
"Local manufacturing is a key pillar of our growth strategy at Khansaheb. In 2017, Khansaheb Industries acquired the exclusive licence to manufacture Spiralite, an innovative ductwork system developed in the UK, in the UAE," noted Tariq Hussain.
"We will continue to diversify our interests as we see long-term growth opportunities globally," he added.-TradeArabia News Service
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