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FINANCIAL NEWS
General Holding Corp to spend $10b on expansion
10 May 2010
(MENAFN) General Holding Corporation (GHC), the parent of Emirates Steel, said that it will spend as much as $10 billion over the next few years to expand its business through acquisitions and internally, Reuters reported.
The firm’s Vice Chairman, Hussain Al-Nowais, said that GHC’s cash flow is positive and strong, having more than $4 billion in cash.
The Abu Dhabi government’s industrial investment arm reported earlier that it has made a 61 percent rise in its 2009 net profit, which grew to $307.7 million. GHC’s total assets grew 16 percent to $5 billion during the year.
Al-Nowais pointed out that the firm plans to grow its existing lines, to build new ones, and to acquire businesses that can compliment and expand its portfolio. He said that GHC is eyeing an engineering company and another firm in the steel sector for acquisitions.
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