Abu Dhabi – Mubasher: Zee Stores, a subsidiary of International Holdings Company (IHC), has acquired 60% of privately-held Royal Horizon Holding in exchange for AED 80 million ($21 million).

Founded in 2008, Royal Horizon Holding is a distributor of soft commodities to government and private sector buyers in the UAE, according to a press release on Wednesday.

The worth of acquisition is divided into AED 40 million payable to shareholders and AED 40 million as a capital infusion to Royal Horizon.

Commenting on the acquisition, the CEO of Zee Stores, Falal Ameen, said: "The majority acquisition of Royal Horizon gives us an immediate entry into the retail food space, with stores in Ajman, RAK, and Al Ain and a medium-term strategy of opening 4 more stores by 2025 and affording us over 138,000 sq/f of retail space for our combined 25,000+ food and retail products."

Meanwhile, the Chairman at Royal Horizon, Suhail Nekhaira Aida Suhail Al Efari, remarked: "The majority acquisition by Zee Stores will support our expansion strategy, and gives us further reach for our products with their growing customer base."