UAE's Asmak to sell 2 subsidiaries, assets

(MENAFN) Abu Dhabi-based International Fish Farming Holding Co. (Asmak) said that it is currently in negotiations for the sale of its two subsidiaries and is looking for buyers to offload some of its other assets, Emirates 24/7 reported.

The company said that the subsidies it is aiming to sell are Asmak Seafood Processing Co., which the company owns it wholly, and Oman-based Asmak Quriyat International, in which Asmak 90 percent in, with expectations that the sale will be finalized within 12 months

Asmak also said that it is looking for a buyer to sell property, plant and equipment assets within the next 12 months which are no longer utilized, as well as saying that it already sold a 50 percent stake in Meena Holding for USD45.46 million to a third party

The company also announced it is financial results for the July-September period of this year, posting USD4.41 million profit compared to USD511.83 thousand in loss in the same quarter last year, while its revenue rose by USD2.45 million to USD19.13 million, while during the first nine month of this year, Asmak registered USD9.96 million in profit compared to USD3.89 million in loss in the same period last year, while its revenues rose to USD63.81 million compared to USD53 million.