Emaar, Al-Futtaim buy out Carilion’s shares in Emrill
Emrill’s operations and management unaffected by the change, sources confirm
Emrill Services has announced that its current shareholders, Emaar Properties and Al-Futtaim Real Estate Investment Company have increased their stake in the company by acquiring the shares of its third shareholder, Carillion Plc.
Emrill will remain an independently operated joint venture company and equally owned by Emaar Properties and Al-Futtaim Real Estate Investment Company.
The change in shareholding structure will not change the day-to- day operations of the company and the Emrill management team will remain the same, a statement from the company clarified.
Emrill was founded in 2002 and confirmed that it’s operations remained unaffected following Carillion’s liquidation in January 2018. Following the liquidation Alex Davies, managing director of Emrill, told fmME that the closure would not affect its operations.
“In light of the recent media coverage about one of its shareholders in the UK, Emrill advises that it is a profitable, independently- operated Dubai-based organisation, which is trading positively and grew its revenue in 2017 by approximately 10%,” he said earlier this year.
Meanwhile, following Carillion’s closure in the UK, concerns emerged over UKbased construction and support services company, Interserve.
Press from around the world had feared Inter serve could find itself in choppy waters. But, the firm’s regional management team had confirmed at the time that “Interserve was better placed than Carillion”, even though there was a marginal drop in share price.
Alex Davies took over as the MD of Emrill little over 18 months ago.