Abu Dhabi – Mubasher: ADQ has entered into a strategic partnership with International Holdings Company (IHC) for a 50% stake in Eltizam Asset Management Group, a subsidiary of IHC, in exchange for AED 111.6 million.
The transaction will be executed through new shares issuance, according to a bourse filing on Sunday.
Established in 2009, Eltizam is a technology-driven investment company specialised in the built asset environment with investments in facilities, energy, real estate, and energy management as well as prop-tech.
The Head of Corporate Communication of IHC, Ahmad Ibrahim, said: "This transaction marks a significant step in IHC’s strategy, sharpening our focus on our core vertical businesses."
Meanwhile, the Investment Director at ADQ, Roque Solabarrieta, commented: "Eltizam has a proven record as a successful business model and has an accretive value to ADQ’s portfolio. We have a shared vision with IHC to further enable the company to reach its full potential in its ambition as a leader in facility and property management across the region."
