$40m equity investment for Abans

Abans (Pvt) Ltd, a family-owned business entity, is to get a $40m equity investment from a leading global private equity fund to expand the business and strengthen its position.

According to recent rating agency reports, Abans has adequate liquidity and has achieved a compounded annual revenue growth of over 25 percent in the past three years, with current group revenues in retailing alone expected to be in excess of Rs 25b.

Abans has a network of over 400 showrooms islandwide and a wide range of products from internationally acclaimed brands such as LG, Toshiba, Mitsubishi Electric, Haier, Whirlpool, Electrolux, Sanyo, Sharp, Philips, Apple and HP.

Abans is also involved in financial services, environmental solutions, transport and logistics, cash management solutions, automobiles, restaurants and real estate development.

The new capital will be used for expanding the existing showroom and service network and for backward integration of the manufacturing facilities at its associate Abans Electricals Ltd.