Emaar and Al-Futtaim acquire Carillion's stake in Dubai's Emrill
FM company Emrill said it will be equally owned by two of its original founders, Emaar Properties and Al-Futtaim Real Estate Investment Co
Emrill announced that its current shareholders, Emaar Properties and Al-Futtaim Real Estate Investment Company, have increased their shareholding in the facilities management (FM) company.
The firms have acquired the shares of Emrill’s third stakeholder, Carillion plc, which succumbed to financial difficulties earlier this year.
In a statement shared with Construction Week, Emrill said it would remain “an independently operated joint venture company, and equally owned” by Emaar and Al-Futtaim.
“This change in shareholding structure will not change the day-to-day operations of the company, and the Emrill management team remains focused on delivering excellence to all of its customers and partners in parallel with developing future growth strategies,” the statement added.
Emrill was founded in 2002 and is an independently operated, Dubai-based FM firm.
International construction and support services group, Carillion, confirmed this January that it had gone into liquidation.
In the aftermath of the liquidation, Alex Davies, managing director of Emrill, told Construction Week that the closure would not affect its operations.
“In light of the recent media coverage about one of its shareholders in the UK, Emrill advises that it is a profitable, independently-operated Dubai-based organisation, which is trading positively and grew its revenue in 2017 by approximately 10%,” he added at the time.