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FINANCIAL NEWS
Indian group buys 12% stake in Egypt’s ACBC
28 Dec 2010
(MENAFN) Ahmad Bin Hamad Al Nuaimi, Chief Executive at Arab Petroleum Investments Corp. (Apicorp), said that it has signed an agreement with India’s Aditya Birla Group for the sale of its 12 percent stake in Egypt’s Alexandria Carbon Black Co (ACBC), in a bid to free up funds for new investments, Reuters reported.
According to Al Nuaimi, the sale comes in line with Apicorp’s an investment strategy to redeploy funds for diversification into new midstream sectors, particularly oil refining, storage, transport and shipping. However, financial terms of the deal were not disclosed.
ACBC produces carbon black, which is used to produce tyres and other rubber-based products, while the Aditya Birla Group is an Indian conglomerate with interests ranging from cement to retail, clarified Al Nuaimi.
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