16 Dec 2015
Prysmian Group to become majority shareholder in Oman Cables Industry
Milan, 16_12_2015. Prysmian Group, world leader in the energy and telecom cable systems industry, 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 Group, 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”.
With a turnover of RO 303.1 million ($793 million) in 2014, more than 800 employees in two plants, Oman Cables Industry is a top cable manufacturer in the Gulf Cooperation Council region and is listed in the Muscat Securities Market. Active in the development and manufacturing of a totally integrated variety of electrical cables and conductors for diverse applications, the company has positioned itself as a soundly-reputed cable manufacturer, complying with international standards and requirements to ensure the highest quality levels for its customers. The company has demonstrated continued and increasing capabilities to deal with large international engineering, procurements and construction corporations (EPC).
The closing of the acquisition is subject to customary conditions precedent.