{"id":597038,"date":"2019-07-15T04:18:59","date_gmt":"2019-07-15T04:18:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/15\/uae-based-investor-acquires-usd-37-mn-stake-in-maridive\/"},"modified":"2019-07-15T04:18:59","modified_gmt":"2019-07-15T04:18:59","slug":"uae-based-investor-acquires-usd-37-mn-stake-in-maridive","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/15\/uae-based-investor-acquires-usd-37-mn-stake-in-maridive\/","title":{"rendered":"UAE-based investor acquires USD 37 mn stake in Maridive"},"content":{"rendered":"

<\/a> INVESTMENT WATCH- UAE-based investor acquires USD 37 mn stake in Maridive:<\/b> Maridive & Oil Services\u2019 board of directors has approved an offer by UAE-based investor Najjad Zeenni to acquire a USD 37 mn stake in the company, the company announced in a statement (pdf)<\/a>. Zeenni, who is chairman, CEO and a 25% shareholder in Maridive subsidiary Valentine, will acquire a 12.8% stake in the company\u2019s share capital. The transaction will see the company\u2019s paid-in capital increase to USD 188.1 mn from 163.8 mn.<\/p>\n

Zeenni has agreed to pay a subscription price of USD 0.61 per share<\/b>, which is significantly higher than the USD 0.37 share price as of 11 July. He justified paying the premium price back in May<\/a> by saying that he wants to give the company more exposure at a time when research is suggesting a global uptick in spending on offshore exploration and production.<\/p>\n

Maridive will obtain full ownership of Valentine:<\/b> Maridive, currently a 75% shareholder of Valentine, will use the proceeds to increase the subsidiary\u2019s share capital before purchasing Zeenni\u2019s 25% stake in the company for USD 1. Zeenni will own 60,665,000 shares in Maridive, while Valentine would become 100% owned by the parent company.<\/p>\n

\u201cA vote of confidence\u201d: <\/b>\u201cA major step forward has been taken toward concluding a mutually beneficial transaction with Mr Najjad Zeenni,\u201d Maridive Chairman Tarek Nadim said. \u201cHis acquisition of this stake is a major vote of confidence in Maridive\u2019s continued ability to leverage its team and its modern asset base to create lasting value for stakeholders.\u201d<\/p>\n

The transaction is still pending regulatory and shareholder approval.<\/b> If the agreement is greenlit, Zeenni\u2019s shares would be subject to a three-month lock-up period during which he has agreed not to sell any of his shares in Maridive.<\/p>\n

Grant Thornton carried out the <\/b>fair value study (pdf)<\/b><\/a> for the transaction<\/b>, which valued the company at USD 0.60 per share.<\/p>\n","protected":false},"excerpt":{"rendered":"

INVESTMENT WATCH- UAE-based investor acquires USD 37 mn stake in Maridive: Maridive & Oil Services\u2019 board of directors has approved an offer by UAE-based investor Najjad Zeenni to acquire a USD 37 mn stake in the company, the company announced in a statement (pdf). Zeenni, who is chairman, CEO and a 25% shareholder in Maridive […]<\/p>\n","protected":false},"author":1,"featured_media":597039,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[93,72,10837,91,2380,11162],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-energy","tag-enterpriseam","tag-maridive-oil-services","tag-oil-and-gas","tag-speed-round","tag-valentine","wpautop","entry"],"acf":{"mongo_id":"fdc1061f-97fd-4f29-970c-61fa7ee3ab78","is_powered_by":true,"section_story_id":"00f068f0-edb2-459a-a582-71f2b033cd2b","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/7\/1767.jpg","photo_position":"above","related_issue":[597031],"teaser":"","voice_url":""},"yoast_head":"\nUAE-based investor acquires USD 37 mn stake in Maridive - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/15\/uae-based-investor-acquires-usd-37-mn-stake-in-maridive\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE-based investor acquires USD 37 mn stake in Maridive\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT WATCH- UAE-based investor acquires USD 37 mn stake in Maridive: Maridive & Oil Services\u2019 board of directors has approved an offer by UAE-based investor Najjad Zeenni to acquire a USD 37 mn stake in the company, the company announced in a statement (pdf). 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Zeenni is also chairman of, and a minority shareholder in,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598516,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/27\/maridive-commissions-grant-thorton-to-prepare-a-fv-report\/","url_meta":{"origin":597038,"position":1},"title":"Maridive commissions Grant Thorton to prepare a FV report","author":"enterpriseam admin","date":"27 May 2019","format":false,"excerpt":"Maridive & Oil Services has named Grant Thorton as independent financial advisor to prepare a fair value report for the company\u2019s share price ahead of a potential USD 37 mn capital increase, the company said in a bourse filing (pdf). UAE-based investor Najjad Zeenni had announced earlier this month his\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":602115,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/19\/maridive-oil-services-turned-in-net-profit-of-usd-14-mn-in-fy2018\/","url_meta":{"origin":597038,"position":2},"title":"Maridive Oil Services turned in net profit of USD 14 mn in FY2018","author":"enterpriseam admin","date":"19 March 2019","format":false,"excerpt":"Maridive Oil Services turned in a net profit of USD 14 mn (-40% year-on-year) in FY2018 on revenues of USD 208 mn (-13%) in a year in which \u201cE&P spending bottomed out and daily charter rates in our industry hit historic lows,\u201d the company said in a regulatory filing (pdf).\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624426,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/09\/maridive-reports-jump-in-bottom-line-to-usd-17-09-mn-in-1h2018\/","url_meta":{"origin":597038,"position":3},"title":"Maridive reports jump in bottom line to USD 17.09 mn in 1H2018","author":"enterpriseam admin","date":"9 September 2018","format":false,"excerpt":"EARNINGS WATCH- Oil services outfit Maridive Group reported a net profit of USD 17.09 mn in 1H2018, up from USD 11.02 mn in 1H2017, according to a filing to the EGX.","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637473,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/16\/maridive-oil-services-signs-usd-20-mn-agreement-to-provide-services-at-zohr\/","url_meta":{"origin":597038,"position":4},"title":"Maridive & Oil Services signs USD 20 mn agreement to provide services at Zohr","author":"enterpriseam admin","date":"16 November 2017","format":false,"excerpt":"Maridive & Oil Services signed a USD 20 mn agreement with an unnamed Egyptian company to lease three maritime units to provide maritime and oil services at the Zohr gas field, Al Mal reports. No further details were provided.","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":676964,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/09\/maridive-offshore-projects-lands-usd-10-2-mn-qatari-contract\/","url_meta":{"origin":597038,"position":5},"title":"Maridive Offshore Projects lands USD 10.2 mn Qatari contract","author":"enterpriseam admin","date":"9 December 2025","format":false,"excerpt":"PLUS- Beltone Holding mulls acquiring a UAE-based company owned by a Chimera Investment sister company","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/12\/525.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=597038"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597038\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597031"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597039"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597038"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597038"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}