KUALA LUMPUR, March 23 (Bernama) — UEM Edgenta Berhad (“UEM Edgenta” or the “Company”), the region’s leading Asset Management and Infrastructure Solutions company, announced today that its wholly-owned subsidiary, Edgenta Arabia Limited (“EAL”) has completed the transaction with Mohammed I. Alsubeaei & Sons Investment Company (“MASIC”) for the investment in a 60% equity stake and provision of growth capital in MEEM for Facilities Management Company (“MEEM”) upon fulfillment of the local regulatory approvals and conditions precedent of the definitive agreements.
The strategic 60% acquisition in MEEM will allow UEM Edgenta to solidify its footprint in the Kingdom of Saudi Arabia (“KSA”) with MEEM being one of the first of the many collaboration and partnership opportunities between UEM Edgenta and MASIC. Both entities will focus on Smart Integrated Facilities Management as well as Healthcare Projects where UEM Edgenta’s already strong credentials in these areas can be immediately deployed in the KSA market.