Abu Dhabi – Mubasher: International Holdings Company (Asmak) on Wednesday announced that it has signed an agreement to acquire PAL Cooling Holding.

Under the deal, PAL Cooling will be a strategic partner in Asmak, according to a filing to the Abu Dhabi Securities Exchange (ADX).

The deal is subject to final shareholders and regulatory approvals, the Abu Dhabi-based firm added, giving no further details on the value of the deal.

By the end of Wednesday’s session, Asmak’s stock rose 5.16% at AED 0.97.