Elite Agro takes over Marmum Dairy in UAE
Dubai Investments PJSC has announced that its wholly-owned subsidiary Dubai Investments Industries has divested its 100% stake in Marmum Dairy Farm and its distribution unit United Sales Partners (USP) LLC to UAE-based Elite Agro LLC, a subsidiary of Emirates Advanced Investments Group LLC.
Khalid Bin Kalban, managing director and CEO of Dubai Investments PJSC, said Dubai Investments acquired Marmum Dairy Farm in 1996, and established USP in 1999 and these investments as the company capitalized on the rapid growth of the food sector in the region.
He added with a diversification strategy as part of its business, the companies attracted a lot of strategic interest, with the net income from the sale of AED 186m ($50.6m).
Bin Kalban said the sale of Marmum and USP is part of Dubai Investments PJSC’s strategy to continually create value for its stakeholders.
“The sale to Elite Agro will enable Marmum and USP to reach the next level of growth given the synergy of their businesses,” he said.
