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 | Masharie to invest $190m in buyouts  | |
MENAFN -
- 29/12/2010
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(MENAFN) Abdulaziz al Serkal, the chief executive of Masharie which is a private-equity arm of Dubai Investments, said that the company seeks US190.5 million of investments in buying up to seven regional companies over the course of 2011, reported The National.
The CEO added that Masharie would most probably close three deals in the healthcare, education and oil and gas sectors early next month. These buyouts are a part of a recent surge of buyout activity among the region's private-equity firms. Dubai Investments is one of the largest buyout companies in the UAE.
Serkel also said that the company had a deal with Inteltec Emirates where the latter would buy half of Masharie's shares in Syscom Emirates, the telecomminucations system integrator. Inteltec Emirates is a subsidiary of the Riyadh based Saudi Inteltec. Serkel said profit of this deal would go to the buying out investments.
The CEO also said that The Syscom deal was the second this mointh for Masharie, after it bought 51 percent of a rubber producer in Saudi Arabia called Technical Rubber.
It is worth noting that Dubai Investments owns sixty percent of Masharie while eight percent is owned by National Bonds Corporation. The rest of shares is owned by strategic partners through private sector.
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