Abu Dhabi – Mubasher: Waha Capital on Monday announced that it has acquired a significant minority stake in Dubai-based oilfield services and manufacturing company Petronash Holding for $88 million.

Under the deal, the Abu Dhabi-based investment company has options to further increase its stake in Petronash to up to 50%, according to a statement to the Abu Dhabi Securities Exchange (ADX).

Petronash will set up research and development centres in India and Saudi Arabia as part of this transaction to drive innovation and technology integration, Waha Capital indicated.

Waha Capital aims to expand its services and product lines and widen its customer base, the statement said.

Waha Capital previously posted a 38.5% year-on-year growth for the second quarter of 2018, recording AED 132.4 million, from AED 95.6 million.

For the first half of 2018, profits of the leading investment company in Abu Dhabi jumped 31% to AED 239.7 million, from AED 183.1 million in H1-17.

It is worth noting that the company’s reported a 22.6% year-on-year profit rise for Q1-18, registering AED 107 million.