The stock of Multiply Holding Group topped the Abu Dhabi Securities Exchange’s gains during today’s session, Wednesday, after announcing that a subsidiary of it had acquired a company specializing in the field of personal care.
By 10.15am Abu Dhabi time, Multiply Holding Group shares were up 2.5% at AED 2.05 with a trading volume of 3.76 million shares, worth AED 7.86 million.
Abu Dhabi-based Omorphia Group, a subsidiary of Multiply Holding Group, announced this morning the acquisition of 100% of The Grooming Buildings Holding, a leading provider of beauty and personal care services in the UAE, from Cedar Bridge Partners, an investment firm focused on the personal care and retail sector.
The company indicated in a statement that this strategic step comes within the framework of Omorvia Group’s commitment to expand the scope of its services in the UAE and beyond, in line with its growth strategy aimed at concluding more acquisition deals.
The Grooming & Buildings Holding Company includes a group of salons that it owns or operates, totaling 47 salons, in addition to 15 commercial franchises, including a total of 62 branches for men and women, spread across 5 countries.
This group of cosmetic companies currently attracts more than 120,000 clients annually.
Omorvia Group stated that after completing the acquisition process, it looks forward to further expanding its current markets in the GCC, Middle East and North Africa region through expansion operations across all brands and global strategic partnerships.
Multiply Investment Holding Group, listed on the Abu Dhabi Securities Exchange, announced last February the acquisition of 100% of the digital outdoor advertising company Backlight Media.
The deal included a group of assets in strategic locations in the United Arab Emirates, with returns reaching AED 232 million in 2023.
The acquisition includes all operating entities of Back Light Media, in line with the group’s broader strategy to strengthen its media business.
Multiply Group recorded net profits excluding fair value changes of AED 393 million in the first quarter of 2024, a growth of 48% compared to the same period last year (AED 266 million).
