OFFTEC Holding Group Acquires 60 Percent of WATCO for Modern Lighting Solutions

Press release
Published August 26th, 2018 - 09:08 GMT
During the event
During the event

OFFTEC- a subsidiary of OFFTEC Holding Group (OHG)-acquired in July 2018 a majority share in World Axis Trading Company (WATCO) for high-end architectural lighting products, solutions and building automation systems.

OFFTEC acquired 60% of WATCO shares, entering a new business line that serves its growth strategy of expanding its network of regional branches and buying stakes in promising companies that offer cutting-edge business solutions both in Jordan and abroad.

“We are proud to partner with a local and regional pioneer such as OFFTEC Holding Group that specializes in the provision of modern business solutions. This step is an exceptional opportunity for our company to achieve business stability and development in both Jordan and the region at large,” commented Raid Haddadin, previous owner and current Managing Partner at WATCO.

In turn, Basim Said, CEO of OFFTEC Holding Group, said, “Acquiring a share in a leading modern lighting company like WATCO means we have entered a new market with real and promising opportunities, in line with our growth and diversification strategy. We look forward to working with WATCO to deliver innovative lighting and automation solutions to various sectors both inside and outside the Kingdom.”

OFFTEC Holding Group is a public shareholding company, registered under the Amman Stock Exchange (ASE) as (OFTC). The leading regional company owns four subsidiaries: OFFTEC, offering services and innovated solutions in business and technology; ePoints, a leading customer reward platform; Alwasleh, providing convenient leasing and financing solutions; and WATCO, specializing in lighting solutions and high-end architectural lighting products. All solutions extended by OFFTEC Holding Group are specifically designed to create sustainable value for clients, partners, suppliers and shareholders alike.

Background Information

OFFTEC

Founded in Jerusalem in 1910, OFFTEC combines unparalleled experience and comprehensive capabilities in the areas of Banking Technologies, Office Technologies, Furniture Solutions, Physical Security Solutions, IT Infrastructure, Cyber Security, Software Solutions, and Plastic Card Technologies.

In addition to our headquarters in Jordan, OFFTEC operates out of Palestine, Sudan and Iraq. With over a century of market experience, a highly qualified workforce and a longstanding company portfolio covering an extensive list of worldwide market leaders and best-in-class providers, we are proud to serve a large customer base spanning various industries including banking, education, and the public and private sectors, among others.

OFFTEC is a subsidiary of OFFTEC Holding Group, a regional business technology, leasing solutions and loyalty services company. With a total capital of JOD 39.6 million, OHG manages a portfolio of companies that, in addition to OFFTEC, also includes ePoints and Alwasleh.

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