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FINANCIAL NEWS
GSSC acquires 80% stake in Salam Media Cast
10 Feb 2011
(MENAFN) Deputy Chairman of Qatari holding company Ghanim Bin Saad Al Saad & Sons Group Holdings (GSSG), Mohammad Al Hammadi, stated that the company bought and eighty percent stake in Salam Media Cast, an engineering services provider for the broadcast and communications industry, thus acquiring a majority stake in Salam, reported Gulf News
Al Hammadi said that GSSG plans on expanding Salam Media Cast further more through additional investments. He said that there was no limitation on the amount of potential investments.
Al Hammadi said that acquiring Salam Media Cast, in a deal that cost GSSG less than a hundred million dollars, is important for diversifying the company’s source of income. Since Salam Media Cast is only a systems integrator, GSSG plans on expanding further in content, distribution and production among other areas.
The Deputy Chairman also pointed out that since GSSG plans on entering the media market, buying an existing company with contacts and resources was a more appealing way for the company than establishing a whole new company.
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