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FINANCIAL NEWS
Oman’s GDI sells 30% stake in GIPI
04 Dec 2012
(MENAFN) Oman’s Golden Dunes Investments’s (GDI) Chairman and CEO, Hamdan Al-Shaqsy, announced that the company sold its 30-percent stake in Gulf International Pipe Industry (GIPI) to Capitoline Holdings Limited, reported Times of Oman.
Al-Shaqsy said that as many parties were engaged in the sale, in addition to several agreements to follow international rules for such a big acquisition transaction, the sale agreement took more than 6 months.
GIPI, which was founded in 2007 and started commercial output in April 2010, is the first high pressure ERW carbon steel pipe mill in the Middle East and Indian sub-continent to make a range of 8″ to 24″ pipes with thickness capability of 25.4 mm or one inch and up to 18 meters in length.
It is worth noting that Capitoline Holdings is an affiliate of TMK, a major Russian steel firm with worldwide presence.
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