M'SHARIE ACQUIRES 51% STAKE IN ANCHOR ALLIED
October 16, 2008
M’Sharie LLC, the leading private equity company in the Gulf region and a subsidiary of Dubai Investments PJSC, has announced the successful completion of an equity investment in Anchor Allied LLC, the largest manufacturer of adhesive tapes and specialty adhesives in the United Arab Emirates (UAE). M’Sharie acquired a 51% stake in the Sharjah-based company.
The partnership agreement was signed by Abdul Aziz Al Serkal, managing director of M’Sharie, and Hussain Nalwala and Ahmedali Nalwala, founding partners of Anchor Allied.
Established in 1993, Anchor Allied is the largest manufacturer of adhesive tapes, silicone and acrylic sealants, aerosol paints, lubricants, and car care products in the Middle East. The company has a technical partnership with Dow Corning. With M’Sharie acquiring a majority stake in the company, Anchor Allied is expected to double its current turnover of AED 250 million within the next three years.
In the UAE, Anchor Allied is estimated to hold a 60% market share. With warehousing facilities set up in different parts of the world, the company currently sells its products in more than 55 countries.