December 20 (SeeNews) - Romanian cybersecurity company Safetech Innovations [BSE:SAFE] said on Tuesday that it has established a subsidiary in Abu Dhabi, the United Arab Emirates (UAE), as part of its expansion strategy.
Safetech holds 49% of the newly established entity, the company said in a market report filed with the Bucharest Stock Exchange.
The remaining 51% is owned by hardware and building material company GreenGate Co. General Trading, also based in the UAE.
Earlier this year, Safetech established an entity in the United Kingdom.
Last month, Safetech announced that it has signed a 5.22 million lei ($1.12 million /1.06 million euro) contract with the country's Special Telecommunications Service (STS) for providing specific equipment and training services.
Safetech’s shares traded 0.68% higher at 2.97 lei ($0.64/0.60 euro) per share at 0926 CET on Tuesday, on the Bucharest Stock Exchange.
(1 euro=4.9176 lei)