Emirates Stallions snaps up majority stake in labor provider

A subsidiary of ADX-listed Emirates Stallions Group (ESG) has acquired a majority stake in manpower services provider United International Group (UIG), according to a disclosure to the ADX. ESG subsidiary Centuray Human Resources and Logistics will acquire the stake. The disclosure did not disclose the size or value of the stake.

Market reax: ESG’s shares rose 14.9% on the ADX after the news landed, its highest intraday gain since late July.

What’s ESG? Founded in 2008, ESG’s subsidiaries and companies operate in sectors including construction and real estate sectors across MENA, Asia, Europe, and the Americas. IHC owns 85% of the ADX-listed company.