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Dubai ICD to increase stake in DAE
(MENAFN) Investment Corp of Dubai (ICD) said that it is about to sign a deal which will increase its stake in Dubai Aerospace Enterprise (DAE) by the end of the year, Gulf News reported.
ICD, which is already the majority shareholder of DAE, holding 55 per cent, said that it is planning to acquire the stake currently being held by Istithmar World, which reportedly holds 15 percent stake in the company.
"We have made an offer to them. I think most likely the deal will be completed by end of this year," Deputy CEO of ICD and Managing Director of DAE said.
Other DAE shareholders are Emaar Properties, Dubai Silicon Oasis Authority and Dubai International Capital.
ICD, which is already the majority shareholder of DAE, holding 55 per cent, said that it is planning to acquire the stake currently being held by Istithmar World, which reportedly holds 15 percent stake in the company.
"We have made an offer to them. I think most likely the deal will be completed by end of this year," Deputy CEO of ICD and Managing Director of DAE said.
Other DAE shareholders are Emaar Properties, Dubai Silicon Oasis Authority and Dubai International Capital.
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