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Zee Stores acquires Royal Horizon ABU DHABI, January 20, 2021 Abu Dhabi-listed International Holding Company’s listed subsidiary, Zee Stores, a specialist in trading food and non-food products and other services, has acquired 60% of privately-held Royal Horizon Holding, a leading supplier of soft commodities.
The acquisition is worth AED80 million ($21 million), divided into AED40 million payable to shareholders and AED40 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 ft of retail space for our combined 25,000+ food and retail products. We are also adding internationally recognised brands to our own growing rooster of soft commodities and there will be numerous synergies in suppl ....
The UAE market experienced much turbulence in 2020… and yet it was a year that witnessed several acquisitions and consolidation plays. On a macro level, the market has reached a recovery phase, with Abu Dhabi Securities Exchange recording a weekly growth of 6.54 per cent and Dubai Financial Markets by 1.23 per cent for the week ending January 21. The holding company IHC, established in 1999, generated strong revenues in the third quarter, and had a market value of Dh71.05 billion. Its stock surged approximately 622 per cent last year and outperformed the ADX General Index by quite a distance. Pick up a nice deal In December, the firm announced secondary market listings for three subsidiaries: Palms Sports, Easy Lease and Zee Stores. This seems to be part of IHC’s strategy to unlock value from its assets. ....
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