Italian group takes 16 pc more stake in Oman Cables

Wednesday 30th, December 2015 / 00:00 Written by
Italian group takes 16 pc more stake in Oman Cables

MUSCAT: Italian Prysmian Group has bought additional 16 per cent shares in Oman Cables Industry (OCI) by which increasing its stake in OCI to approximately 51 per cent. This was revealed at a press conference at Muscat Securities Market (MSM) yesterday. The press conference was attended by Abdullah bin Salim al Salmi, CEO of MSM, who said that the Italian Prysmian Group is a world leader in the energy and telecom cable system industry, and thus gives some sort of confidence on acquisition of 51 per cent of a local company. He said that the performance of local companies is relatively well despite the decline in MSM index.
With respect to the fall in the performance of MSM, he said that all global markets are affected and was not confined to MSM, adding that it is hoped that there will be new IPOs over the next year, in addition to listing of some state-owned companies and other private companies in the market.
Fabio Romeo, Chief Strategy Officer of Prysmian Group, said the value of the additional shares purchased by the group equal to 100 million euros.
He added that the Italian Prysmian Group has more than 130 years of experience, sales of about 7 billion euros in 2014, has more than 19,000 employees worldwide in 50 countries and 89 factories.

Romeo added that among the main reasons behind increasing stake in OCI is the stability of Oman which helps in developing business, along with foreign investment-friendly environment, the group’s confidence in Oman’s relatively advanced corporate legal system and the forward-thinking policies of the Omani Government in this regard. He added that the Sultanate offers a strong local workforce which has, over the years, demonstrated potential for greater development required for successful growth, which gives OCI strong presence in the Gulf area and other markets, with a turnover of RO 303.1 million ($793 million) in 2014.
Hussein bin Salman al Lawati, Board Chairman of Bin Salman Group, said that Prysmian group has a presence in most regions of the world and therefore its presence in the Sultanate will strongly establish the industry and expand in technical fields in many kinds of cables of different uses, including space, planes, cars, ports, trains and other uses of cables. He stressed that the existence of such Italian Group in the Sultanate is a foothold and an essential pillar in the Middle East and there is a confidence among investors because it is one of the large companies and is registered in several international stock exchanges, including Milan, London, the USA and Singapore. —  ONA