Abu Dhabi-listed Zee Stores rebrands as Ghitha in expansion push

The subsidiary of International Holding Company will add new businesses to its existing portfolio

Abu Dhabi-based Ghitha Holding (formerly Zee Stores) was founded in 2002 and currently operates as a food and distribution subsidiary under the International Holding Company. AFP

Zee Stores, a trading and distribution company listed on the Abu Dhabi Securities Exchange’s secondary market, has rebranded to Ghitha as it aims to expand its product portfolio and become a key player in the food industry.

Founded in 2002, Ghitha Holding (formerly Zee Stores) currently operates as a food and distribution subsidiary under Abu Dhabi’s International Holding Company (IHC).

Following the rebranding, Ghitha will add several related businesses to its existing portfolio, through future acquisitions and subsidiary formations. It will enhance its “core capabilities in wholesale importing and trading fresh and canned foods, packaging and providing food services to industrial sites such as gas and oilfields”, IHC said in a statement on Monday.

The company’s ticker symbol will change to GHITHA from ZS, it added.

“This transformation of Zee Stores into Ghitha Holding represents the next stage in the company’s journey, and through our growing operations we will continue to play an even greater role in this sector,” Mohammed Somar Ajalyaqin, chairman of Ghitha Holding, said.

“Expanding operations in food and agriculture presents an ideal opportunity to deliver shareholder value through commercial success while supporting the national development agenda,” he added.

The new strategic direction will facilitate Ghitha to become one of the largest and most important players in the regional food trading sector and contribute in achieving the goals of the UAE’s national food security strategy, the company said.

The UAE has been moving forward with its food security programme, prioritising an expansion of local production and regional interconnectivity. It aims to attain the top ranking in the Global Food Security Index by 2051.

Ghitha specialises in trading food and non-food products. It includes importing, repackaging, wrapping, storing and distributing dry canned, chilled, frozen, processed and fresh food products, household items, stationery, disposables and cosmetics.

The company, which was listed on the ADX secondary market in December 2020, had assets worth Dh189 million ($51.46m) at the end of September 2020, with an annual turnover of around Dh300m.

Updated: January 24, 2022, 4:02 PM
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