STEFANUTTI Stocks planned to sell its 49 percent stake in Al Tayer Stocks (ATS) to Investment Trading Group LLC for R87.3 million as part of its broader restructuring plan to sell non-core assets, the local construction group said in a statement yesterday.
The aim of the restructuring is to create an optimal capital structure and access to liquidity to position Stefanutti Stocks for long-term growth.
ATS is a building and interior fit-out contracting company, offering services across all industries, delivering projects in the interior fit-out and design and building sectors in the United Arab Emirates (UAE).
The business had grown significantly since being formed in 1998, undertaking interior fit-out projects in retail, corporate training centres, hotels, healthcare facilities, luxury villas, warehouses and industrial units.
ATS also did a spectrum of building services with projects being undertaken in sports facilities, warehouses and luxury villas.
The purchaser, Investment Trading Group, is owned by Ahmed H Al Tayer, Obaid H Al Tayer, Matar H Al Tayer, Dr Tariq H Al Tayer and Saeed H Al Tayer, all Emirati nationals.
Al Tayer Group owns the remaining 51 percent interest of ATS.
The value of the net assets of ATS at June 30 last year amounted to Emirati Dirham (AED)100.6 million (R389.1m). The loss after tax for the year ended June 30, 2020 attributable to ATS was AED7.7m (R29.8m).