Italian cable specialist, Prysmian, has signed an agreement to increase its stake in Oman Cables Industry to approximately 51%, thus gaining majority stake.
According to the terms of the agreement, Prysmian, which already own a 34.78% stake in the company, will purchase an additional approximately 16%, for a total consideration of around €100 million.
“We consider our investment in Oman Cables Industry of strategic importance to our presence in the Middle East region” declared Prysmian’s Group CEO, Valerio Battista. “We believe that the company has already demonstrated to be able to succeed in the market and it is now well positioned to seize new growth opportunities. As the main shareholders, we will be delighted to keep supporting the company, also by leveraging on our capabilities as worldwide leader in the cable industry.”
The Muscat Securities Market-listed, Oman Cables Industry, had a turnover of RO 303.1 million ($793 million) in 2014, and more than 800 employees in two plants.