Dubai International Capital acquires 45 per cent stake in KEF
Holding
Released
on: November 11, 2008, 8:18 am
Press
Release Author: Dubai
International Capital
Industry:
International
Trade
Press
Release Summary: Dubai International Capital adds strategic partnership
with KEF Holding to its portfolio of assets in emerging markets
to support expansion drive
Press
Release Body: Dubai International Capital LLC ('DIC'),
the international investment arm of Dubai Holding,
has announced the acquisition of a 45% stake in UAE-based KEF
Holding ('KEF') by its Emerging Markets division. 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.
Sameer
Al Ansari, Executive Chairman and CEO of
DIC, said that, "The 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
Al Ansari stated that he believes that KEF's
founder, Faizal Kottikollon, has in just 11 years built
KEF into a significant competitor to European foundries
that have been in operation for over 100 years and he pledged
his full support for his strategy for sustaining an impressive
growth trajectory. He continued, "As part of Dubai Holding,
Dubai
International Capital can access resources and relationships
that are of great benefit to our portfolio companies."
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 (‘ETC')
and JC Middle East (‘JCME'). Collectively,
ETC and JCME form the Middle East's first fully automated foundry
boasting a production capacity of 36,000 tonnes per annum. KEF
was recognised 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.
Faizal
Kottikollon, CEO of KEF Holding, said: "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."
Anand
Krishnan, Chief Operating Officer of Dubai
International Capital and acting CEO of DIC Emerging Markets,
added: "DIC congratulates KEF on creating its dynamic
technology-based platform that will allow it to maximise its full
growth potential and capture opportunities in new industries,
products and geographies." He further commented, "DIC
is proud to complement its existing portfolio of technical manufacturing
companies with the addition of KEF and will strive to add value
by building synergies and relationships among all parties."
-ends-
About Dubai
International Capital LLC
Established in 2004, DIC is an international investment company
with offices in Dubai and London focused on both private equity
and public equity, with its current CEO being Sameer
Al Ansari. A wholly-owned subsidiary of Dubai Holding, DIC
manages an international portfolio of diverse assets that provide
its stakeholders with value growth, diversification, and strategic
investments. Assets under management total over US$13 billion.
DIC was named MENA Private Equity Firm of the Year in the 6th
annual Awards for Excellence in Private Equity Europe 2008, organised
by Dow Jones Private Equity News.
About
KEF Holding
KEF Holding is the holding company of Emirates Techno Casting
(ETC) and JC Middle East (JCME) based in the Sharjah Hamriya Free
Zone. ETC is the flagship business of KEF Holding. ETC manufacturers
precision steel castings and distributes its products to the leading
market players within the oil and gas, chemical, mining, industrial,
and chemical industries.
Web
Site: http://www.dubaiic.com
Contact
Details:
Dubai International Capital LLC PR contact:
Mark Lunn
PR Contact
PO Box 72888
Dubai International Financial Centre
Dubai
United Arab Emirates
Tel: (+971-4) 362 1888
2012
