Hydra buys 47pc stake in Asmak
Dubai, October 13, 2008
Hydra Properties has acquired a 47.43 per cent stake in International Fish Farming Holding Co (Asmak), a leading fish farming company in the UAE.
Asmak's business activities include all aspects of aquaculture industry, marketing, distribution, export and consulting and it has entered the property development sector through its recently launched fully owned subsidiary ‘Emirates Stallions Properties’ in Abu Dhabi.
'The investment in Asmak is part of the diversification plans of Hydra Properties. We consider the fishing industry an integral part of the UAE economy, and giving a shot in the arm for this crucial sector is our responsibility,' said Dr Sulaiman Al Fahim, CEO of Hydra Properties.
As part of the recent consolidation of equities, Hydra Properties has increased its stake in Asmak to 47.43 per cent after converting convertible notes of Dh140 million ($38 million) into shares.
“Hydra Properties' funds and support will go a long way to help Asmak expand and diversify its field of operations and grow from strength to strength in the coming years,' said Al Shamsi, chairman, Asmak.
Emirates Stallions Properties, the real estate investment arm of Asmak has bought four prime water front land plots in the port region on the main island of Abu Dhabi for development.-TradeArabia News Service