Abdulatif Alissa Group acquires stake in Tania

Updated 05 April 2014
0

Abdulatif Alissa Group acquires stake in Tania

Abdulatif Alissa Group Holding Company has announced that it concluded an agreement making it a 35 percent shareholder in Tania Bottled Water Company, one of the leaders in the bottled water industry in Saudi Arabia.
The agreement was signed by Abdulmohsin Abdulatif Alissa, chairman of Abdulatif Alissa Group Holding Company and Shuwaimi bin Ajyan Al-Kattab, CEO of Tania Bottled Water Company Ltd. The event was attended by senior executives from Abdulatif Alissa Group Holding Company, Tania and Wasatah Capital, the financial adviser for Abdulatif Alissa Group in the transaction.
The company chairman indicated that this deal falls in line with the group’s strategy to invest in companies with a strong competitive edge and high potential for growth in key economic sectors in the Kingdom, such as the food and beverage sector “where Tania is considered a pioneer, and this partnership will be an important step to achieve our group objectives in growth and development.”
Al-Kattab confirmed that Tania’s prominent position in manufacturing and distribution of bottled water, and Abdulatif Alissa Group’s investing heritage and expertise in managerial, financial and corporate governance best practices, were the driving forces behind creating a compatible vision for consummating this partnership, which will in turn reflect positively on Tania’s business development and the bottled water industry in the Kingdom.
He added: “We consider this strategic partnership with Abdulatif Alissa Group Holding Company an opportunity to cooperate and exchange experiences and to open doors for us to invest into new industrial opportunities. We ask Allah to bless this new partnership to benefit the people and the nation and become a support for food security in the Kingdom.”
Abdulatif Alissa Group CEO Nasser Al-Qahtani stated that Tania has a highly qualified management team that was successful in building and expanding its business in a very short time, and today it’s considered a leader in its field. He explained that this partnership will reinforce our presence in the private equity asset class in the Kingdom through investing in promising sectors such as the food and beverage sector, especially bottled water industry which will witness significant growth during the next few years, due to population growth, and demographic and lifestyle changes such as the increasing health awareness within the community.
He added: “Alissa Group, through the board of directors of Tania and in cooperation with its executive management, aims to implement the highest standards of corporate governance in the company and develop its business, utilizing the financial and managerial expertise of the group. We are looking for more cooperation with our partners in Tania to develop its future strategic plans.


Huawei secretly helped North Korea build, maintain wireless network: Washington Post

Updated 20 min 9 sec ago
0

Huawei secretly helped North Korea build, maintain wireless network: Washington Post

WASHINGTON: Huawei Technologies Co. Ltd. , the Chinese company put on a US black list because of national security concerns, secretly helped North Korea build and maintain its commercial wireless network, the Washington Post reported on Monday, citing sources and internal documents.
The Chinese telecommunications giant partnered with a state-owned Chinese firm, Panda International Information Technology Co. Ltd., on a number of projects in North Korea over at least eight years, the Post reported.
Such a move would raise questions of whether Huawei, which has used US technology in its components, violated American export controls to furnish North Korea with equipment, according to the Post.
The United States put Huawei on a blacklist in May, citing national security concerns. The move banned US companies from selling most US parts and components to Huawei without special licenses but President Donald Trump said last month American firms could resume sales in a bid to restart trade talks with Beijing.
Huawei did not immediately respond to a request for comment, but said in a statement to the Washington Post it had “no business presence” in North Korea. It was not immediately possible to reach the Panda Group.
The Commerce Department, which also did not immediately respond to a request for comment, has investigated possible links between Huawei and North Korea since 2016 but has not publicly connected the two, the Post said.
Huawei and Panda vacated their Pyongyang office in the first half of 2016, the newspaper reported.