Global Holding Company Acquires “Pal”

Media In\ Abu Dhabi 20-02-2019 / WAM
Global Holding Company today signed a framework agreement for the acquisition of the company “Bal Refriger” Holding “Bal” taking into account the consent of the shareholders and the competent authorities on this acquisition.
The proposed acquisition provides for a strategic exchange of shares whereby Global Holding will acquire the entire share capital of PAL in return for the issuance of 1,311,428,571 ordinary shares from Global Holding Company to the shareholders of Ball Holding and its entry as a strategic partner in the global company. Holding.
The acquisition is an important step towards a new strategic area for Global Holding Company, as it strengthens its position as a holding company with a diversified portfolio of high quality investments and contributes to creating sustainable long-term value for its shareholders.
Upon completion of the acquisition, the investment portfolio of Global Holding will include one of the UAE’s leading cooling assets as well as existing projects in the seafood, agriculture and real estate sectors. Service facilities are one of the most promising growth sectors in the GCC region. By acquiring Pal’s portfolio, Global Holding has made significant gains including ensuring continuous cash flows, improving profitability and achieving higher levels of cost efficiency across existing assets Of the company. The acquisition also holds good news for the shareholders of Global Holding Company, which contributes to the increase in equity earnings and increases the combined value of the two companies more than their value as two separate institutions.
As for Pal and its shareholders, the acquisition is accelerating its development as a cooling solution provider in the growing central refrigeration sector in the Arabian Gulf region, which today contributes significantly to the UAE’s economic diversification agenda.
“The acquisition of Pal is an important milestone in our strategic journey and a crucial moment for both companies to thrive in the future,” said Hamad Abdullah Al Shamsi, Chairman of Global Holding. The company has a high level of flexibility and growth potential. The strong portfolio and strong ambition of the company is a valuable asset for Global Holding, which is looking to reach new heights through its diversified investments. ”
The design capacity of the central cooling network operated by Pal in the UAE is 245,000 tonnes of cooling, while its installed capacity is 85,000 tonnes. Pal also has long-term concessions to provide over 450,000 tonnes of cooling, a strong portfolio of future projects and partnerships with leading real estate developers.
Demand for central cooling services continues to grow as GCC countries focus on achieving sustainability agendas. Central cooling solutions consume about 50% less power than traditional air conditioners and lower CO2 emissions. This technology helps reduce electricity consumption at peak times, particularly during the summer months when demand for refrigeration services is high.