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Dubai International Capital acquires 45% stake in KEF Holding |
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9/12/2008 9:53:36 AM |
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Dubai International Capital LLC and the international investment arm of Dubai Holding announced the acquisition of a 45% stake in UAE based KEF Holding by its Emerging Markets division. Mr Anand Krishnan COO of DIC & acting CEO of DIC Emerging Markets with Faizal Kottikollon Founder & CEO of KEF Holding, the award winning provider of steel castings for valves and pumps based in Sharjah, UAE.
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Established in 1997, KEF Holding, based in the Sharjah Hamriya Free Zone is the holding company of its two flagship businesses including Emirates Techno Castings and JC Middle East. Collectively, ETC and JCME form the Middle East's first fully automated foundry boasting a production capacity of 36,000 tonnes per annum. KEF serves over 70 clients including leading market players in the oil and gas industries such as Takreer, ENOC, Qatar Petroleum, KOC, PDO, Qatar Gas and Tyco. KEF was recognized for its best in class practices as evidenced by their award of Best Foundry in the World by Weir Clear Liquid a division of Weir Group.
KEF is an international award winning provider of steel castings for valves and pumps serving the oil and gas, mining, industrial and chemical industries in the Middle East, Asia, Europe and the United States.
Mr Sameer Al Ansari executive chairman & CEO of DIC said that “Today's acquisition of KEF Holding reinforces DIC's commitment to investing in outstanding Middle East businesses that combine strong growth potential with an experienced management team KEF's team have deep industry knowledge, excellent relationships within the sector and a clear vision for growth. Mr Faizal Kottikollon founder of KEF's has in just 11 years built KEF into a significant competitor to European foundries that have been in operation for over 100 years and we fully support his strategy for sustaining an impressive growth trajectory.”
He said that “DIC had to fend off fierce competition from international and regional private equity firms to acquire KEF and we played to our strengths demonstrating both our track record of helping portfolio companies realize their growth potential over the long term and the benefits of our ownership profile. As part of Dubai Holding, DIC can access resources and relationships that are of great benefit to our portfolio companies.”
Mr Faizal Kottikollon CEO of KEF Holding said that “We are delighted to choose DIC as our strategic partner and shareholder. DIC's ability to leverage their strong relationships in our key target growth markets, mainly Saudi Arabia and India, will elevate KEF's ready capabilities and talent. We are confident that with DIC's market experience and guidance, KEF will be ready for an initial public offering in the near future.” |
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Source: Uaedailynews.com |
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