OFFTEC Holding Group Fully Acquires World Axis Trading Company for Modern Lighting Solutions

Press release

Published February 3rd, 2021 - 09:50 GMT

OFFTEC

Highlights

OFFTEC Holding Group (OHG) has recently acquired 100 percent of World Axis Trading Company (WATCO) for high-end architectural lighting products.

In alignment with its growth and diversification strategy, OFFTEC Holding Group (OHG) has recently acquired 100 percent of World Axis Trading Company (WATCO) for high-end architectural lighting products.

The deal comes more than two years after OHG purchased 60 percent of WATCO shares - enabling it at the time to enter a new business line that served its goal of expanding its network both in Jordan and beyond.

“WATCO has managed to expertly combine great technology with knowledgeable professionals to deliver innovative products and services that cater to client preferences and expectations. Investing in an established company like WATCO is a testament to the existing and potential opportunities we see in the company. With WATCO now wholly-owned under our umbrella, we look forward to continuing to present local and regional clients from various sectors with modern lighting and automation solutions for the long-term benefit of our clients and shareholders alike.” commented OHG CEO, Basim Said.

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.