Zicom Electronic Security Systems together with its Singapore based wholly owned subsidiary viz. Unisafe Fire Protection Specialists has acquired 49% stake and complete management control in Phoenix International WLL, Qatar, a limited liability company, at a valuation of USD 15 million.
As a part of the share sale agreement, Zicom has acquired 5% stake while Unisafe Singapore has acquired 44% stake in Phoenix International.
Commenting on the acquisition, Manohar Bidaye, chairman, Zicom Electronic (Q,N,C,F)* Security System said, ``With acquisition of Phoenix International in Qatar, Zicom has expanded its foot prints in GCC countries and has become a major player in providing fire prevention and protection products and services in Middle East region. This acquisition is in line with our strategy to offer our services in Middle East and North Africa (MENA) region. Based on past performance and strong order book position, Phoenix International is expected to contribute substantially to Zicom Group`s business.``
According to Vinu Kuruvilla, managing director. Phoenix International, ``We are pleased to partner with Zicom Group and will work closely to leverage each other`s core competency and provide a complete gamut of security and safety soutions to our customers in Qatar.``
Shares of the company gained Rs 2.7, or 6.38%, to trade at Rs 45.00. The total volume of shares traded was 13,026 at the BSE (11.07 a.m., Thursday).