Sawaeed Holding acquires 100% of two Emirates Stallions Group subsidiaries

Sawaeed Holding takes over two ESG subsidiaries: Abu Dhabi-based investor Sawaeed Holding acquired 100% of two subsidiaries of its parent company, Emirates Stallions Group (ESG) — United International Group for Manpower Services and Progressive Real Estate Development, it said in an ADX disclosure (pdf). The value of the transaction was not disclosed.

Background: IHC subsidiary and construction and real estate firm ESG fully acquired Sawaeed earlier in May. Emirates Stallions had previously owned an 83.89% stake in Sawaeed.

The move comes as ESG looks to consolidate its manpower services and workers accommodation businesses into a single entity, according to a separate statement. The transfer to Sawaeed “significantly [expanded Sawaeed’s] client base and [doubled] its manpower resources” in the sectors.

Market reax: Sawaeed saw direct transactions worth AED 36.8 mn on 5.4 mn of its shares on the ADX after the news, Wam reports, without disclosing further details.

OTHER M&A NEWS-

Taqa closes the sale of Iraq oil field stake: The Abu Dhabi National Energy Company(Taqa) has finalized the sale of a 47.4% stake owned by its subsidiary Taqa International BV in the Atrush oil field in the Kurdistan region of Iraq, Taqa said in an ADX filing (pdf). The buyer was General Exploration Partners (GEP), a subsidiary of Canadian energy firm ShaMaran Petroleum.

Remember: The transaction — announced in January — is part of a two-step process that allows ShaMaran to increase its stake in the Atrush oil field, with the first step being GEP’s acquisition of Taqa Atrush, which operates the field and holds Taqa’s stake, raising ShaMaran’s share from 27.6% to 50%. The next step involves transferring the remaining 25% share to GEP2, a new GEP-owned entity, which will be sold to HKN Energy, ShaMaran’s partner in the Kurdish Sarsang oil field.