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The conglomerate, which has emerged as the largest company in the UAE by market cap at Dh277 billion in 2021, reported revenue of Dh28.56 billion with assets growing. ....
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Zee Stores acquires Royal Horizon ABU DHABI, January 20, 2021 Abu Dhabi-listed International Holding Company’s listed subsidiary, Zee Stores, a specialist in trading food and non-food products and other services, has acquired 60% of privately-held Royal Horizon Holding, a leading supplier of soft commodities.
The acquisition is worth AED80 million ($21 million), divided into AED40 million payable to shareholders and AED40 million as a capital infusion to Royal Horizon.
Falal Ameen, CEO of Zee Stores, said: “The majority acquisition of Royal Horizon gives us an immediate entry into the retail food space, with stores in Ajman, RAK and Al Ain and a medium-term strategy of opening 4 more stores by 2025 and affording us over 138,000 sq ft of retail space for our combined 25,000+ food and retail products. We are also adding internationally recognised brands to our own growing rooster of soft commodities and there will be numerous synergies in suppl ....