UAE - Mubasher: Al Ghurair Investment has signed a share purchase agreement to acquire a 100% stake in Dubai-based Edible Oil Company, a multi-seed crushing plant, from Dubai Investments Industries (DII).

The agreement is part of Al Ghurair Investment’s objective to expand its food and resources business and support the UAE's food security agenda, according to a press release on Tuesday.

In 2011, Al Ghurair Investment (AGI) inked a joint management agreement with Edible Oil Company to oversee operations, including supply chain, marketing, vendor, and logistics management.

The EOCD plant has a capacity to crush up to 2,200 metric tonnes of soya bean seeds, 1,300 metric tonnes of canola seeds, and 1,000 metric tonnes of sunflower seeds per day by deploying advanced machinery and technology.

Commenting on the acquisition, the Group CEO at Al Ghurair Investment, John Iossifidis, said: "The milestone strategic acquisition of the Edible Oil Company underpins AGI’s commitment to enhancing life in the communities in which we operate, facilitating regional food supply."

Meanwhile, the General Manager of Dubai Investments Industries (DII), Mohammed Saeed Al Raqbani, commented: "Over the years, our partnership with AGI has successfully elevated EOCD’s position within the food industry and given the synergy of their business, the time was now right for EOCD to benefit from AGI’s expertise and strengths within the sector."