Al Ghurair Investment (AGI) is acquiring multi-seed crusher Edible Oil Company (EOCD) from Dubai Investment Industries (DII), World Grain reported on 29 June.
A leading crushing company in the Middle East, EOCD can crush up to 2,200 tonnes/day of soyabeans,1,300 tonnes/day of canola seeds and 1,000 tonnes/day of sunflower seeds, according to the report.
The agreement was a step towards AGI’s commitment to expanding its food and resources business in the United Arab Emirates (UAE) and wider region, World Grain wrote.
“Following a decade of success in co-operation with EOCD, now is the opportune moment for us to acquire this thriving business to augment our existing resources portfolio, as we prepare for our next phase of growth,” AGI group chief executive officer John Iossifidis said.
DII would continue to pursue investments across strategic projects to diversify its business portfolio, the report said.
“The time was now right for EOCD to benefit from AGI’s expertise and strengths within the sector. We are optimistic this divestment will channel a new growth curve for EOCD,” DII general manager Mohammed Saeed Al Raqbani said.