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UAE-based diversified group ANC Holding has announced that it will acquire a 39.2 per cent interest in Oman’s Dhofar Fisheries and Food Industries
The Salalah-based fisheries company produces and exports canned tuna, sardines, pre-cooked frozen tuna, fish meal, fish oil and other related products.
According to Dhofar Fisheries, ANC Holding got approval from Oman’s Capital Markets Authority to purchase this stake from Abu Dhabi’s Flag Holding. The company did not reveal financial details of the agreement.
ANC Holding, a group that has interests spanning from construction and trading to education, real estate and hospitality, already owns 60 per cent of Dhofar Fisheries.
Private equity firm Flag Holding had purchased a stake in Dhofar Fisheries last year, from Oman Emirates Investment Holding (OEIHC).
Earlier this year, Dhofar Fisheries reported a net loss of US$1.5mn for the nine months ended September 2013, compared with a net loss of US$332,000 in the year ago period.