Shaker Group ups UAE Energy Management stake to 74%

 Al Hassan G.I. Shaker Group said that it signed an agreement on Tuesday to acquire 54 percent of Energy Management Services Company, which is based in the United Arab Emirates.  

The deal raises Shaker's stake in the energy services provider from 20 percent to 74 percent.

Energy Management’s financial statements are likely to be consolidated with those of Shaker Group by the first quarter of this year.

Energy Management incurred a loss of AED 3.4 million in its audited financial statements for 2013 after reporting a net profit of AED 0.7 million for the same period in its preliminary financials.

The loss reduced the acquired stake’s book value to AED 508,000, or SAR 518,000, Saudi Arabia-based  Shaker Group said  in a statement to the kingdom's bourse​.

The transaction’s value, however, will remain unchanged at AED 1.47 million or SAR 1.5 million, according to the agreement with the seller

The loss reduced the acquired stake’s book value to AED 508,000, or SAR 518,000, ​Saudi Arabia-based Shaker Group said​ in a statement to the kingdom's bourse​.

The transaction’s value, however, will remain unchanged at AED 1.47 million or SAR 1.5 million, according to the agreement with the seller.