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FINANCIAL NEWS
Japan’s Nippon Steel gets stake in UAE’s Al Ghurair
18 Nov 2011
(MENAFN) Al Ghurair Iron and Steel’s (AGIS) CEO, Abu Bakr Hussain, said that Japan’s Nippon Steel Corporation (NSC) acquired a stake in the UAE’s company, by which NSC would secure 20 percent of voting rights in the Emirati firm, reported Gulf News.
Hussain added that collaboration between the two firms would enhance the capacity and the quality of galvanized steel in a very cost effective and efficient manner to clients in the region.
He also said that the UAE’s company would be able to take advantage of NSC’s global network and huge resources to strengthen its presence and impact a larger audience both locally and worldwide.
It is worth noting that at the current time, Al Ghurair Group holds 80 percent shares in AGIS, through its investment company, SAG Investments and Trading LLC.
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