IHC transfers its subsidiary Tamween Group's entities to Zee Stores

The transfer of assets will be made through the common control method, IHC says

Abu Dhabi Securities Exchange-listed International Holding Company will transfer entities under its Tamween Group subsidiary to its Zee Stores unit. Reuters
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Abu Dhabi-listed International Holding Company will transfer entities under its subsidiary Tamween Group to its food and non-food retail unit Zee Stores to streamline assets and control functions.

In the common control transaction, five Tamween Group entities will be transferred to Zee stores, IHC said on in a statement on Saturday to the Abu Dhabi stock exchange.

A business consolidation under common control is a combination in which all of the combining companies or businesses are ultimately controlled by the same parent company, before and after the combination.

The five entities include agriculture investment company Agrinv, fresh and frozen seafood provider Alliance Foods and farmland developer Ethmar, which is a joint venture between Tamween and Sudanese company Dal Group.

The other entities include Al Ajban Poultry, a producer of reared fresh chicken, and NRTC Food Holding, a fruit and vegetable suppliers holding company.

In 2020, IHC said it will list Zee Stores, along with sports education programme provider Palms Sports and motorcycle rental company Easy Lease, on ADX's secondary market to boost their growth.

Founded in 2002, the company had a share capital of Dh100 million ($27.24m) and assets of Dh189m as at the end of September 2020.

Listed on the ADX since 2005, Abu Dhabi-based IHC, which is majority owned by Abu Dhabi's PAL group of companies, has expanded its operations to include real estate, health care, food and agriculture.

In the second half of 2020, IHC and its subsidiaries announced several new investments including Falcon CI IV LP, a fund that owns a stake in Elon Musk’s aerospace company, SpaceX; Oxford Nanopore, a high-tech UK small and medium enterprise with an innovative Covid-19 testing product, and a partnership with Sudan's Dal Group to develop farmland in the North African country.

Updated: January 04, 2022, 11:56 AM