Zicom seals acquisition of Dubai co
Zicom acquires the Dubai-based fire protection services company for around $4.5 million in an all-cash deal.
By PTI |
MUMBAI: Leading electronic security appliances manufacturer, Zicom on Thursday announced the acquisition of a Dubai-based fire protection services company for around $4.5 million in an all-cash deal.
Zicom has also entered into a joint venture for manufacturing CCTVs and all other hardware for its security systems in Hong Kong.
Zicom acquired a 49 per cent stake plus management control of Dubai-based Unisafe Fire Protection Specialists LLC, Zicom's Managing Director, Pramoud Rao, told media agency here on Thursday.
"We have management control of Unisafe with effect from April 1," he said.
The Chairman of Unisafe, Saif Al Shafer, a senior Interior Ministry official in Dubai, will continue to hold the same post.
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This acquisition will enable Zicom to get a foothold in the Middle-East where there is a tremendous business potential for electronic security systems, Rao said.Claiming that the acquisition was a "strategic fit" with Zicom's plans, Rao said, "we will get an easy access to the market through Unisafe which has executed several prestigious projects there. Besides, along with fire protection equipment, we can also offer our security business products, he said.
Along with the acquisition, Zicom has also got Unisafe's order book of around 20 million dirhams ($5.44 million). "This year we are targeting 70 million dirhams ($19.06 million) from the fire security business," he said.
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