Kuwait's Global in talks to sell Al Jazeera Steel stake
London, August 22, 2014
Kuwait-based Global Investment House is in talks to sell its 51 per cent in stake in Oman’s Al Jazeera Steel Products, said a report.
The bank, which has restructured its $1.7 billion of debt twice in the past five years, held discussions with regional investment firms interested in the business, sources were quoted as saying in the Muscat Daily report.
Al Jazeera Steel, based near Sohar, makes steel tubes and structural products, it said.
The company exports to around 25 countries and reported a profit of RO4.6m ($11.9 million) last year, up 33 per cent from the previous year, said the report.