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Zee Stores becomes Ghitha Holding in strategic expansion

January 25, 2022
finance & economy

ABU DHABI, 24th January, 2022 (WAM) -- Zee Stores, the trading and distribution firm listed on the ADX Second Market, has announced that it will rebrand to Ghitha and expand its strategy to become a Key Player in the food industry, which will support the UAE’s food security agenda.

The holding company will add a number of related businesses to its existing portfolio, through future acquisitions and subsidiaries’ formation, which will enhance its core capabilities in wholesale importing and trading fresh and canned foods; packaging; and providing food services to industrial sites such as gas and oil fields. Its ticker symbol will then change to GHITHA from ZS.

The new strategic direction will enable Ghitha Holding to become one of the largest and most important players in the regional food trading sector.

Mohammed Somar Ajalyaqin, Chairman of Ghitha Holding, said, 'With the UAE’s National Food Security Strategy aiming to make the Emirates the world’s most food-secure nation by 2051, expanding operations in food and agriculture presents an ideal opportunity to deliver shareholder value through commercial success while supporting the national development agenda. This transformation of Zee Stores into Ghitha Holding represents the next stage in the company’s journey, and through our growing operations we will continue to play an even greater role in this sector.'

Ghitha Holding is a subsidiary of International Holding Company (IHC), the Abu Dhabi-headquartered multi-sector conglomerate which has implemented an ambitious strategy of consolidating and listing subsidiaries to transform them into powerful multi-sector operators. IHC holds an extensive portfolio in its Agriculture and Food & Beverage verticals and has developed deep expertise in food farming, trading and processing, empowering it to make significant contributions to the UAE’s food security strategy.

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