EFS Facilities Services, a Dubai-based facilities-management company, is on the verge of acquiring a cleaning company in India that will boost it in size ahead of a potential IPO.
The EFS chief executive, Tariq Chauhan, said the company was in the latter stages of negotiating the deal, which would add 26,000 staff to its existing payroll of 12,000.
Mr Chauhan said that the deal being negotiated would allow EFS to add cleaning to its current “hard services” of building-engineering management in India, moving it closer towards its goal of providing complete facilities management in-house. It currently outsources services such as cleaning and security in the country.
EFS started life as the facilities management arm of Drake & Scull, but was spun out as a separate entity when Drake & Scull floated on the Dubai Financial Market in 2006.
India is currently its third-biggest market, behind the UAE and Saudi Arabia. It operates in 22 countries, and no single territory is responsible for more than 20 per cent of its overall annual revenue of US$200 million.
The company had explored the prospect of an IPO last year, but shelved the plan as market conditions worsened. “We were engaged and we had definite plans, but at this stage, considering the market scenario, we would be waiting,” Mr Chauhan said. “But we have the necessary infrastructure. We have gone through all of the necessary guidance.”
EFS currently has 17 shareholders. Drake & Scull’s chief executive, Khaldoun Tabari, is the biggest single shareholder, but does not hold a controlling stake, according to Mr Chauhan.
He said EFS can afford to wait and consider other options, as its primary reason for listing is to raise funds for growth as opposed to shareholder exits.
It would use the proceeds to offer more services, such as security and waste management, to existing clients and target growth in African markets.
mfahy@thenational.ae
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The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
The%20specs
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Company%20profile
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Results
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).
7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Company%20Profile
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Honeymoonish
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Killing of Qassem Suleimani
The%C2%A0specs%20
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Killing of Qassem Suleimani
Teams
India (playing XI): Virat Kohli (c), Ajinkya Rahane, Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Hanuma Vihari, Ravichandran Ashwin, Ravindra Jadeja, Wriddhiman Saha (wk), Ishant Sharma, Mohammed Shami
South Africa (squad): Faf du Plessis (c), Temba Bavuma, Theunis de Bruyn, Quinton de Kock, Dean Elgar, Zubayr Hamza, Keshav Maharaj, Aiden Markram, Senuran Muthusamy, Lungi Ngidi, Anrich Nortje, Vernon Philander, Dane Piedt, Kagiso Rabada, Rudi Second
COMPANY%20PROFILE
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SPECS
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