October 15, 2018 / 6:31 AM / a month ago

UAE's Waha Capital acquires minority stake in Dubai's Petronash

ABU DHABI, Oct 15 (Reuters) - UAE investment firm Waha Capital on Monday said it acquired a significant minority stake in Dubai-based oil field services company Petronash Holdings for $88 million.

Abu Dhabi-listed Waha may further increase its stake in Petronash up to 50 percent, it said in a statement.

Petronash, as part of this deal, will set up research and development centres in Chennai (India) and Dammam (Saudi Arabia) to drive innovation, the statement said.

Reporting by Stanley Carvalho, editing by Louise Heavens

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