Jordan-based Offtec Holding Group (OHG) said one of its subsidiaries, Offtec has acquired a majority stake in World Axis Trading Company (Watco), a major player in the field of high-end architectural lighting products, solutions and building automation systems.

The OHG unit bought the 60 per cent shares in Watco last month, thus entering a new business line that serves its growth strategy of expanding its network of regional branches and buying into promising companies that offer cutting-edge business solutions both in Jordan and abroad.

On the strategic buy, CEO Basim Said pointed out that with this move Offtec had entered a new market with real and promising opportunities, in line with its growth and diversification strategy.

"We look forward to working with Watco to deliver innovative lighting and automation solutions to various sectors both inside and outside the Kingdom," he stated.

Raid Haddadin, the previous owner and current managing partner at Watco, said he was proud to be a partner to a local and regional pioneer such as OHG that specialises in the provision of modern business solutions.

"This step is an exceptional opportunity for our company to achieve business stability and development in both Jordan and the region at large," he added.

A public shareholding company registered under the Amman Stock Exchange, OHG is a leading regional company offering specifically designed solutions to create sustainable value for clients, partners, suppliers and shareholders alike.

Besides Offtec, the Jordanian group boasts two key subsidiaries including ePoints, a leading customer reward platform and Alwasleh that provides convenient leasing and financing solutions.-TradeArabia News Service