ANCHOR CAPITAL INVESTMENT LTD. (XETRA:ACP) completes negotiations to invest USD 3.5 million and acquire 50% shares in Rising Star Capital FZE
- Created: Friday, 08 January 2016 13:19
Anchor Capital Investments, (XETRA:ACP) completes negotiations to invest USD 3.5 million and acquire 50% shares in Rising Star Capital FZE
Anchor Capital Investments Ltd. listed on NSX and FSE has reached an agreement with Rising Star Capital FZE to invest $USD3.5 million over a period of 2 years. In return Anchor Capital Investment Ltd. will acquire 50% shares of Rising Star Capital FZE. Formal agreements will be entered shortly.
Rising Star Capital FZE is a Sharjah, UAE based company and has tremendous opportunities in manufacturing and supplying Low Density Polyethylene (LDPE) clear granules. Initially, Rising Star Capital FZE will have a capacity of supplying more than 2000 tons a month into the UAE local market with another 2000 tons a month to be exported to India, Pakistan, Bangladesh, Indonesia, Thailand etc.
The investment will be used as working capital for purchase of raw materials, manufacturing and marketing. The world market for LDPE in 2013 was $USD 33 billion.
“We are excited with this unique investment as we can expect profitability right in the first few months of inception with tremendous local and global growth opportunities” said N.A. Mogul, President, Anchor Capital Investments Ltd.
“We at Rising Star Capital FZE are grateful to Anchor Capital Investments Ltd. for having faith in our ability to perform and the great opportunity the global market presents” said Mirza Javaid Nawaz, MD, Rising Star Capital FZE.
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