United Holdings acquires 46pc BRM stake
Dubai, August 30, 2008
United Holdings, a premium investment firm based in Dubai, said it has acquired 46 per cent stake in BRM, a Dubai-based construction company.
Strategic partners associated with BRM include Morgan Stanley Principal Investments Europe and Al Nasser Investments. The transaction was managed by Tier One Partners.
BRM is the slipform market leader in the construction sector, boasting a highly experienced management team that has executed more than 200 projects in the UAE, totally valued in excess of Dh25 billion.
Currently, the company handles over 30 projects for major clients such as Arabtec Construction, Khansaheb Civil Engineering, Nasa Multiplex and Al Futtaim Carillion.
Abbas Kiani, CEO of United Holdings, said, "Our investment in BRM comes as part of our aggressive investment strategy, which focuses on high returns and sound strategic decisions. Taking advantage of the economic boom, we aim to extend our geographic focus from the UAE to potential global markets."
“In addition to our development initiatives in the real estate sector, United Holdings has commenced a series of strategic investments in construction and buildings material companies. Our partnership with BRM signals the first of many ventures that United Holdings has on its agenda,” he noted.
United Holdings aims to develop a rich and diversified investment portfolio in a wide range of assets across economic sectors such as real estate, financial services, industries, education, healthcare and telecommunication through its alliances with industry majors across diversified sectors and emerging markets.
“United Holdings will actively seek to add value to each and every environment it operates in by diligently choosing investment prospects and growing its arena of operations in tune with market opportunities,” Kiani added.
Bruce John Munro, CEO of BRM, said: “As a key shareholder, United Holdings will bring significant value to our operations and raise our overall business profile in the industry. We are confident the synergy with United Holdings will contribute to the growth of BRM, facilitating our enhanced presence in the domestic as well as regional markets.”
United Holdings continues to consolidate its presence through strategic acquisitions in various industry verticals, positioning itself to leverage the growing market potential in the Middle East and overseas.-TradeArabia News Service