Al Jazeira Services is selling its 37 per cent stake in Muscat-based Al Anwar Ceramic Tiles for 41 million Omani rials (Dh389.4m) to Oman Investment Fund.
Al Jazeira Services will sell the stake at 375 baisa a share, according to its statement to Oman’s stock exchange. The offer is higher than Al Anwar’s initial offer price of 370 baisa a share. The sale is subject to due diligence and approval from the board of directors, shareholders and regulators.
Set up in 1997, Al Jazeira Services counts Damac Properties as an investor. It has a contracting services business that provides catering and housing services to workers in sectors such as industrial, oil and gas, military and civilian defence, hospital and education.
The Muscat-based firm also has equity investments in the banking, services and industrial sectors in Oman and abroad.
The Oman Investment Fund, a sovereign wealth fund, has US$6 billion in assets, according to the Sovereign Wealth Fund Institute (SWFI) in the United States.
The fund, set up in 2006, invests in Oman and overseas for the medium and long term, according to SWFI.
A unit of Oman Investment Fund announced plans in March to develop a luxury hotel in Oman as part of its investment in the country’s tourism sector.
In April, the fund acquired a 40 per cent stake in the Italian car parts maker Sigit to help set up a car industry in Oman. Al Jazeira’s shares closed up 4.08 per cent to 0.408 rials yesterday in Muscat.
dalsaadi@thenational.ae
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