Ezdan Holding Group, whose market value is over QR70bn, has acquired more than 20% stake in Qatari Investors Group, its second acquisition in a month.
The stake purchase in “is a significant move towards the diversification of investments of Ezdan,” its deputy chairman Sheikh Abdullah bin Thani bin Abdullah al-Thani said.
Qatari Investors Group, with assets worth about QR4bn, operates through 12 companies and 23 subsidiaries in different sectors such as industry, trade and services.
Stressing that the industrial sector is regarded as a key factor in the renaissance of the country, he said Qatari Investors Group, which manages Gulf Cement Company, is heavily investing in this sector.
However, Ezdan did not disclose details regarding the deal size nor the funding for acquisition.
Sheikh Abdullah said Ezdan will spare no effort to strengthen its financial investments across all sectors of the country with the aim to contribute in achieving the goals of the Qatar National Vision 2030.
Ezdan recently announced the purchase of up to 20.16 % stake in Widam Food (formerly Mawashi) to diversify its investment portfolio and disperse risks as well as to achieve stability for all investors and stakeholders.
The group, with assets in excess of QR41bn as on March 31, 2014, seeks to emphasise its role in serving the community through investment in vital and necessary sectors, according to him.
Ezdan Holding is eyeing substantial improvements in its top and bottom lines through these acquisitions. It had reported a net profit of QR460.67mn in the first quarter of this year.
The company had last year acquired 20% stake in Islamic Holding Group, a Shariah-principled Qatar Stock Exchange-listed brokerage.
Highlighting that its core strategy has been to achieve diversity across its operations, Ezdan Holding Group CEO Ali Mohamed al-Obaidli said the objective is to “dissociate” from the real estate sector to reinforce the group’s investment portfolio in other sectors in a “balanced manner” without getting exposed to concentration risks.
Terming the stake purchase in Qatari Investors Group as a “successful” step, Ezdan group has embarked on strong investments especially in the industrial. Gulf Times