Dubai, Uae United Arab Emirates (PressExposure) November 11, 2008 -- Dubai International Capital LLC ('DIC'), the international investment arm of Dubai Holding, has announced the acquisition of a 45% stake in UAE-based KEF Holding ('KEF') by its Emerging Markets division. KEF is an international award-winning provider of steel castings for valves and pumps serving the oil and gas, mining, industrial, and chemical industries in the Middle East, Asia, Europe, and the United States.
Sameer Al Ansari [http://www.dubaiic.com/en/team/chairmans-office-team/sameer-al-ansari-2-2.html], Executive Chairman and CEO of DIC, said that, "The acquisition of KEF Holding reinforces DIC's commitment to investing in outstanding Middle East businesses that combine strong growth potential with an experienced management team - KEF's team have deep industry knowledge, excellent relationships within the sector and a clear vision for growth."
Mr Al Ansari stated that he believes that KEF's founder, Faizal Kottikollon, has in just 11 years built KEF into a significant competitor to European foundries that have been in operation for over 100 years and he pledged his full support for his strategy for sustaining an impressive growth trajectory. He continued, "As part of Dubai Holding, Dubai International Capital can access resources and relationships that are of great benefit to our portfolio companies."
Established in 1997, KEF Holding, based in the Sharjah Hamriya Free Zone, is the holding company of its two flagship businesses including Emirates Techno Castings (âETC') and JC Middle East (âJCME'). Collectively, ETC and JCME form the Middle East's first fully automated foundry boasting a production capacity of 36,000 tonnes per annum. KEF was recognised for its best-in-class practices, as evidenced by their award of Best Foundry in the World by Weir Clear Liquid, a division of Weir Group.
Faizal Kottikollon, CEO of KEF Holding, said: "We are delighted to choose DIC as our strategic partner and shareholder. DIC's ability to leverage their strong relationships in our key target growth markets, mainly Saudi Arabia and India, will elevate KEF's ready capabilities and talent. We are confident that with DIC's market experience and guidance, KEF will be ready for an initial public offering in the near future."
Anand Krishnan, Chief Operating Officer of Dubai International Capital and acting CEO of DIC Emerging Markets, added: "DIC congratulates KEF on creating its dynamic technology-based platform that will allow it to maximise its full growth potential and capture opportunities in new industries, products and geographies." He further commented, "DIC is proud to complement its existing portfolio of technical manufacturing companies with the addition of KEF and will strive to add value by building synergies and relationships among all parties."
Dubai International Capital LLC PR contact: Mark Lunn PR Contact PO Box 72888 Dubai International Financial Centre Dubai United Arab Emirates Tel: (+971-4) 362 1888 http://www.dubaiic.com