UAE-based investment firm International Holding Company (IHC) has stated that it will transfer entities under its subsidiary Tamween Group to its retail arm Zee Stores in order to simplify assets and control functions.
“In the common control transaction, five Tamween Group entities will be transferred to Zee stores,” IHC said in a statement to the Abu Dhabi stock exchange.
A business consolidation under common control is a merger in which all of the combining companies or businesses are controlled by the same parent company both before and after the combination.
The five firms comprise 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, as per the reports. 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 December, IHC said it will list Zee Stores, along with sports education program provider Palms Sports and motorcycle rental company Easy Lease, on ADX’s secondary market to strengthen their development.
Recently, IHC acquired a majority and controlling stake in the UAE’s leading real estate, services, hospitality, and investments company, Al Qudra Holding (AQH) in order to expand its portfolio in the real estate, services, and hospitality sectors.
Established in 2002, Zee Stores is a reputable trading and distribution firm, which currently operates as a food and non-food retail unit under IHC Abu Dhabi. The company’s activities include Importing, Trading, Re-packaging, Wrapping service, Storage, Off-shore Oil and Gas Field Services, Distribution of Dry Food Products, and so on.