Abu Dhabi – Mubasher: Waha Capital on Wednesday revealed that it acquired a minority share in Channel VAS, a Dubai-based financial technology company.
The company invests AED 202 million ($55 million) in the acquisition, according to a bourse statement.
Channel VAS operates in over 25 emerging markets and providing microfinance lending solutions to over 500 million mobile network subscribers, who often do not have access to other financial services, the statement added.
“Through this acquisition, we are enhancing our portfolio by tapping into a high-potential industry and an innovative company backed by a best-in-class management team that already has an impressive track record, and is implementing a solid strategy for expansion.”, CEO and managing director of Waha Capital Salem Al Noaimi said.
The acquisition adds to the diversification of Waha Capital’s principal investment portfolio, which holds stakes in several companies, including New York-listed aircraft leasing firm AerCap Holdings NV and UAE-based oil and gas services firm, National Petroleum Services.
Moreover, Waha Capital invests over AED 5 billion of assets, and manages funds that invest in public equities and fixed income markets, as well as in private equity and private debt.
