Dubai's Arabtec fully acquires electrical services unit
DUBAI Oct 21 (Reuters) - Dubai-based builder Arabtec has acquired the remaining 45 percent of Emirates Falcon Electromechanical Company (EFECO) that it does not already own for an undisclosed amount, the company said in a statement on Monday.
EFECO was established in 2001 to offer electromechanical services to the construction industry in the Middle East through its operations in the United Arab Emirates, Qatar, Jordan, and Saudi Arabia.
Arabtec, part-owned by Abu Dhabi state fund Aabar, has been on an aggressive expansion drive after a management shake-up in February that ousted the company's founder Riad Kamal.
The builder would buy the remaining stake in EFECO for $45 million, sources said in April.
"The move is perfectly in line with our strategy of diversifying our sources of income and optimising our revenue-generating business," Hasan Ismaik, the chief executive of Arabtec said in the statement.
The builder launched a joint venture with South Korea's Samsung Engineering Co that would focus on large energy and power-related projects in the region.
(Reporting by Praveen Menon; Editing by David Cowell)
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