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© nomadsoul1 dreamstime.com Business | December 17, 2015

Prysmian to be majority shareholder in Oman Cables Industry

Prysmian Group 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 percent stake in the company, will purchase an additional approximately 16 percent, for a total consideration of around EUR 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 OMR 303.1 million (USD 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. The company is active in the development and manufacturing of a totally integrated variety of electrical cables and conductors for diverse applications.

The closing of the acquisition is subject to customary conditions precedent.
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