Emivest takes stake in Malaysia firm
Dubai, September 4, 2007
The UAE-based Emirates Investment & Development Company (Emivest) has acquired a 15 per cent stake in ETI Tech Corp Bhd of Malaysia.
The value of the transaction has not been made public.
ETI Tech Corp is listed on the Malaysian stock exchange (MESDAQ) since 2005. It was set up to undertake the research and development of intelligent battery management technologies and systems with special interest in polymer lithium-ion (PLI) based energy cells.
ETI Tech team has many years of proven experience in the field of PLI energy cells and power packs, which have superb characteristics of being light weight, having high energy density and flexibility of size and shape.
The PLI power packs have been used in mobile electronic appliances and static electronic equipment in telecommunications, healthcare, defense, power utilities, aero-models and robotic applications.
The company also develops the next generation of energy storage systems with larger capacity for solar panels and wind turbines. Besides having larger capacity, the storage systems can be recharged faster and have a longer life span.
Giving details of the deal, Buti Saeed Al Ghandi, chairman of Emivest, said: “Over the past 10 years Emivest has been acquiring shares and getting into partnership on a national and regional scale. In 2007 we have aggressively moved to acquire equity in international firms in Asia Pacific and Europe. Our strategy focuses on expanding the value chain amongst our group of subsidiary companies, by product and services innovation as well as distribution channels optimization. ETI Tech brings key values to our group of companies through the potential and possibility to integrate products and services as well as the cross culmination of going to market channels in Middle East, Asia and Europe.'
About 80 per cent of ETI Tech products are exported to key markets in India, Taiwan, UAE and Australia. For the nine months ended May 31, the group recorded a net profit of Dh14.3 million on revenue of Dh55.2 million. –TradeArabia News Service