Waha Capital, the Abu Dhabi-based and Abu Dhabi Securities Exchange-listed diversified holding company, has signed an agreement with Abraaj Capital, the premier investment firm specializing in private equity investment in the region, to acquire a 49 percent strategic stake in GMMOS Group. The group is an Abraaj Capital portfolio company and a major regional industrial group operating in the marine, oil & gas and crane-hire sectors across the high-growth Gulf and Caspian markets. Under the terms of the agreement, Al-Waha Maritime has acquired a 49 percent stake in GMMOS Group - 40 percent of the strategic investment was acquired from investors exiting the co-investment vehicle, and the remaining nine percent was acquired from Abraaj Buyout Fund II (ABOF II). Proceeds from the sale of the nine percent ABOF II stake will be applied toward reducing the cost of the original Abraaj Capital investment. Waha Capital made the investment in GMMOS Group through its wholly-owned subsidiary Waha Maritime. “This acquisition is in line with our strategy to build a significant regional maritime business alongside other businesses from our base in Abu Dhabi,” Waha Capital's Chief Executive Officer Samer Alhaj said. “As one of the leading suppliers to the offshore industry, GMMOS Group is uniquely positioned to meet the needs of companies active in offshore exploration and development in the Gulf and Caspian regions,” said Arif Naqvi, vice chairman and group chief executive officer, Abraaj Capital. “There is a clear alignment between the growth strategies of GMMOS Group, which is rapidly expanding in the pan-regional offshore industry, and Waha Maritime, which is focused on expanding its shipping operations and presence in the offshore support industry. This strategic partnership will provide great benefits to both companies in meeting the needs of firms operating in the marine and oil and gas sectors,” Naqvi said. In May 2007, Abraaj Capital, together with co-investors, acquired 100 percent of GMMOS Group, through its $500 million ABOF II. __
