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FINANCIAL NEWS
Abu Dhabi’s Waha eyes $300m acquisitions
06 Sep 2010
(MENAFN) A senior executive at Abu Dhabi-based Waha Capital said that the company is aiming to conclude acquisitions worth more than $300 million in the Gulf in the maritime and logistics sectors, Emirates 24/7 reported.
He pointed out that the company is talking to banks to secure further funding, but declined to identify how much it hoped to raise altogether.
Waha is 15 percent owned by the Abu Dhabi government. However, it reported a 90-percent decline in second-quarter profit as earnings in invested firms slumped.
Profits from equity accounted investees, a reference to where Waha holds a significant stake in others, fell by more than half to $5.65 million.
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