The Company owns 49% of the share capital of the newly established subsidiary, with 51% stake being owned by GreenGate Co. General Trading and Commercial Agencies – Sole Proprietorship LLC.
“The opening of the new company in Abu Dhabi represents a continuation of the international expansion of the Company, after the establishment of a subsidiary in Great Britain and the initiation of the necessary steps for the establishment of another subsidiary in the United States of America”, SafeTech said in the report.
In the following period, the entity in Abu Dhabi will be led by local managers, representatives of GreenGate Co. General Trading and Commercial Agencies – Sole Proprietorship LLC, shareholder in the subsidiary, Safetech Innovations seconding a person in the subsidiary, who will hold the position of Executive Director Foreign Affairs and Relations.
SafeTech ended the first nine months of 2022 with total operating income of RON28.3 million, up 49% year-over-year, and a net profit of RON5.3 million, up 134% year-over-year, in line with data from the quarterly financial report.
SafeTech Innovations is 36.76% held by its CEO, Victor Gansac, and 36.74% by Paul Rusu. SAFE shares have lost 5.3% since the beginning of 2022, amid deals worth RON28.7 million, as per stock market data.