ADQ Takes 50% Stake in Eltizam Asset Management
Posted on 10/03/2021
Abu Dhabi Developmental Holding Company PJSC (ADQ) agreed to purchase a 50% stake in Abu Dhabi-based Eltizam Asset Management, a real estate management and services company. Eltizam Asset Management is a unit of International Holding Company PJSC (IHC). IHC issued shares worth 111.6 million AED in Eltizam to ADQ, as part of the deal, according to a statement filed to the stock exchange.
Eltizam Asset Management was formed in 2009. Eltizam Asset Management experienced a restructuring into the current group of companies in 2014. Eltizam owns Tafawuq Facilities Management, Three60 Communities, Omnius Estate Services, 800Tek, and Oriontek.
Roque Solabarrieta, Investment Director, at ADQ commented in a press release, “Eltizam has a proven record as a successful business model and has an accretive value to ADQ’s portfolio. We have a shared vision with IHC to further enable the company to reach its full potential in its ambition as a leader in facility and property management across the region.”
United Arab Emirates-based Royal Group is the largest shareholder in International Holding Company, owning 1,343,114,164 shares, or 73.7% ownership, according to the latest obtained filings. International Holding Company was formerly known as International Fish Farming Holding Co PJSC.