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FINANCIAL NEWS
Omani mining and energy group eyes Toronto, London buys
11 Oct 2011
(MENAFN) Oman-based MB Holding chairman Mohamed Al Barwani announced its plans to acquire a stake in listed firms on the Toronto and London exchanges, Arabian business reported.
He explained that the company was looking at companies with a market value of up to USD500 million, taking advantage of depressed valuations.
He added that the mining and energy group’s main targets lay in the copper and gold sectors, but it would consider attractive oil and gas production or exploration assets, particularly in Europe, to set a foot in the continent.
Family-owned MB Holding’s mining arm took a 9.98 percent stake, worth about $50.1m, in Canada’s Nautilus Minerals in August.
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