ABU DHABI - UAE investment firm Waha Capital on Monday said it acquired a significant minority stake in Dubai-based oil field services company Petronash Holdings for $88 million.

Abu Dhabi-listed Waha may further increase its stake in Petronash up to 50 percent, it said in a statement.

Petronash, as part of this deal, will set up research and development centres in Chennai (India) and Dammam (Saudi Arabia) to drive innovation, the statement said.

 

(Reporting by Stanley Carvalho, editing by Louise Heavens) ((stanley.carvalho@thomsonreuters.com; + 9712 6444431; Reuters Messaging: stanley.carvalho.thomsonreuters.com@reuters.net))