UAE- Retail start up consolidates acquisitions
(MENAFN- Arab News) DUBAI: Dubai's Marka a retail start-up that listed on the emirate's bourse last year expects to become profitable in 2016 instead of later this year as it consolidates new acquisitions and buys more businesses.
The company which focuses on the sports hospitality and food and beverage sectors will make five to six acquisitions this year as well as buy up to 12 franchises and invest in start-ups CEO Nick Peel said.
It is looking at investments worth AED250 million ($68 million) each to be funded by the company's capital and bank financing at an average 30-70 percent split officials said.
On Tuesday it said it had bought a 65 percent stake in Icons a football memorabilia company for AED15.3 million ($4.2 million).
It agreed to buy sporting goods firm Retailcorp from Istithmar World for AED220 million in December. It has also bought stakes in food chains including in the popular Arabic restaurant Reem Al-Bawadi.
Consolidating the newly acquired businesses had caused a slight delay in profitability Managing Director Khaled Almheiri said. In January Marka said it expected to turn profitable in the fourth quarter of 2015.
The company which focuses on the sports hospitality and food and beverage sectors will make five to six acquisitions this year as well as buy up to 12 franchises and invest in start-ups CEO Nick Peel said.
It is looking at investments worth AED250 million ($68 million) each to be funded by the company's capital and bank financing at an average 30-70 percent split officials said.
On Tuesday it said it had bought a 65 percent stake in Icons a football memorabilia company for AED15.3 million ($4.2 million).
It agreed to buy sporting goods firm Retailcorp from Istithmar World for AED220 million in December. It has also bought stakes in food chains including in the popular Arabic restaurant Reem Al-Bawadi.
Consolidating the newly acquired businesses had caused a slight delay in profitability Managing Director Khaled Almheiri said. In January Marka said it expected to turn profitable in the fourth quarter of 2015.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment