Octal secures $296m loans

18 Jan 2011

(MENAFN) Octal chairman, Sheikh Saad Suhail Bahwan, said that his company a $296 million long-term loan with a number of Omani and Qatari banks, reported Times of Oman.

The chairman said that company closed agreements with shareholders in Muscat Overseas and Oman & Emirates Investment Holding Company for fifteen million of debt facilities.

The chairman said that these funds were raised in order to complete financing the second phase of operational expansion the company plans for 2011.

It is worth noting that Octal is a Oman-based company specializing in global polyethylene terephthalate (PET) packaging.

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