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FINANCIAL NEWS
Kuwaiti Global Investment in talks to sell Al Jazeera Steel
21 Aug 2014
(MENAFN) Global Investment House is in talks to sell its 51 percent stake in Oman’s Al Jazeera Steel Products, Emirates 24/7 reported.
The Kuwaiti private-equity firm is holding discussions with regional investment firms eying to buy the business. The talks are still ongoing and an agreement has yet to be done.
The company’s stake is worth around USD75 million based on Al Jazeera’s market value.
Al Jazeera Steel is a steel tubes and structural producer. The company exports to around 25 countries and announced posting a profit of USD12 million in 2013.
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