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"ACWA Power Development is an established investor in the manufacturing sector and the deal is a strategic move to further strengthen Multiforms in its overall expansion strategy, which includes looking abroad into foreign markets, including Saudi Arabia - a market that holds much promise for architectural façade and aluminium manufacturing,"
said H.E. Mohammed Ali Al Hashimi, Vice Chairman of EII and Chairman of Multiforms.
Mr. Mohammed Abdullah Abu Nayyan, Chairman, ACWA Power Development said: "Our decision to invest in Multiforms is a natural progression in our growth strategy. Since its partnership with Emaar Industries & Investments, Multiforms has become one of the fastest growing in its sector due to the concerted efforts aiming at enhancing the productivity of the company and unlocking its full potential. Through our partnership we aim to support its move into other new markets, including the Saudi market where the strong performance of the construction sector offers a robust growth environment."
Dr. Ahmad Khayyat, Chief Executive Officer EII said, "Our partial exit from Multiforms is in line with our strategy aimed at building long-term value for our subsidiaries and unlocking their growth potential. A strong partner like ACWA Power Development will ensure a quick access for Multiforms into its target markets. This is also in accordance with our commitment to our stakeholders to enhance value considerably."
Mr. Firas Rifai, CEO, Multiforms said: "The acquisition will lend momentum of growth for Multiforms, as we are seeking to duplicate the success of the partnership with EII in other countries. Since our partnership with EII we have posted a 900% growth, and we've managed to secure a wide range of deals on some landmark projects both inside and outside the UAE. Multiforms also has booked orders worth Dhs1.7bn for year 2008 and 2009."
Multiforms manufactures and supplies an extensive range of advanced architectural materials including aluminum windows, doors, curtain walling and cladding. The company has four manufacturing facilities located in Al Quoz Industrial Area and Dubai Investment Park with a total area in excess of 600,000 sqf. To date, Multiforms has invested Dhs120m on expansion efforts.
EII engaged SHUAA Capital in August 2007 to broker the deal between Multiforms and ACWA Power Development.
"We are proud to have played a role in matching these three partners and successfully finalising a deal. This joining of hands by three enterprises with a proven track-record is a promising one and will create a new growth dynamic for all concerned," said Makram Kubeisy, Co-head of Investment Banking, SHUAA Capital.
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Posted by Medilyn Manibo, Assistant News Editor
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