Emaar, Al-Fut­taim buy out Car­il­ion’s shares in Em­rill

Em­rill’s op­er­a­tions and man­age­ment un­af­fected by the change, sources con­firm

Facilities Management Middle East - - CONTENTS -

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.

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