Data loading...

ANC Holdings Acquires 60% Stake in Dhofar Fisheries

ANC Holdings Acquires Majority Stake in Dhofar Fisheries Strategic Partnership between ANC and Oman & Emirates Investment Holding created ANC Holdings LLC, the Dubai based conglomerate with business interests in construction, foods, education, trading, hospitality, process and real estate, has announced the strategic acquisition of a 60% majority stake in Dhofar Fisheries Industries Company S.A.O.G. (DFIC), a regional leader in the processing and canning of tuna and sardines, based in Salalah, Oman. The new acquisition will see ANC Holdings, and its rapidly growing foods division Freshly Frozen Foods (FFF Dubai), take over management control of Dhofar Fisheries from the company’s other main shareholder Oman & Emirates Investment Holding Company S.A.O.G. (O&E), a joint venture between the Governments of the Sultanate of Oman and the United Arab Emirates together with other founder shareholders from both countries. O&E is listed in Oman and the UAE.

Dhofar Fisheries is best known for its Blue Ocean brand of Tuna and Sardines, that enjoy high consumer demand in Oman and across the Middle East.

Tayeb Baker, Chairman, ANC Holdings said: “One of ANC Holdings key strengths is our ability to identify potential partners with whom we can forge strong alliances and partnerships. The closing of this transaction is the next step in ANC Holdings’ strategic growth into the regional food processing and distribution
business. Dhofar Fisheries is an ideal acquisition target for us due to its state-of-the-art facilities and great brands with which we can accelerate the already fast-paced development of our foods business.”

ANC Holdings, through FFF Dubai, currently operates a state of the art factory in Dubai, with four processing lines for meat, shrimps, value added foods and ready meals, and three main brands, which are Aashiana, Senora and Freshly Frozen Foods. Apart from the UAE, its home market, the company also exports food and food products to the US, Europe, Far East, Middle East and Asia and is in the process of launching several new restaurant brands, with the opening of the first outlet, named ‘Bay Leaf’, in Dubai as early as this month. “Taking control of Dhofar Fisheries will result in efficiencies that allow a more regular supply, thus strengthening the Blue Ocean brand and making food products more easily available to the consumer”, said Faris Baker, Vice Chairman, ANC Holdings.

“Dhofar Fisheries gives ANC Holdings and FFF Dubai additional leverage in its move to establish a fully integrated supply and distribution chain”, he added. “The timing could not have been better as our foods business has grown significantly in the last three years and forward and backward integration has become a necessity.” This partnership was welcomed by the Board of Directors of O&E and Mr. Awad Bamkhalef, CEO of O&E and Chairman of DFIC, said: “O&E was on the lookout for a strategic partner with similar food interests to help lift the performance of DFIC. ANC Holdings was seen as the partner of choice due to its vast capabilities and experience. We fully trust ANC’s ability to drive DFIC’s by maximizing the utilisation of the existing production facilities as well as introduce
new product lines. We, at O&E, are looking forward to forge, beyond our partnership in DFIC, a strong alliance with a group of such standing as ANC in other opportunities. The operating staff of Dhofar Fisheries look forward to joining the ANC team, and we all are confident that the company, that has been in operation for the last eight years, is expected to grow exponentially under ANC's experienced and able management”.

This initiative falls within O&E’s strategic program to improve, develop and ensure success of its long term investments in Oman and the UAE.