Saudi Oger unit acquired by top Jordanian investor
RIYADH, May 5, 2018
Oger International, a French construction engineering, design and project management group and subsidiary of crisis-hit Saudi Oger, said it has been acquired by a Jordanian investor Ala Al Khawaja through his French company AMK Capital Investment.
This acquisition coincides with the end of the job protection plan and the conclusion of the business protection procedures endorsed by the Bobigny Court on February 15, it stated.
Oger International now begins a new chapter in its history with the full acquisition of its capital by the new shareholder, said its top official.
"A new chapter in our history can now be written, a more serene chapter, one that is future-oriented and is full of new challenges of the sort we love at Oger International," remarked Omar Joseph Baroud, the chairman and CEO of Oger International.
"The know-how and in-depth expertise that have made our reputation for 40 years will find more diversified and more stable fields of application. The French and European markets once again become our priority, but we continue to fly the French flag in the Middle East and Africa, where we still successfully develop numerous opportunities," stated Baroud.
After the acquisition in 1968 by the Campenon Bernard Group, Oger specialised in high-rise buildings with the construction of towers in the La Défense business district of Paris (the CB12 tower for IBM, the B20 for AGF, the Neptune as well as the Manhattan tower).
Since then, Oger International has been exporting French managerial, technological and architectural know-how throughout the world in a partnership approach with local construction players on a wide variety of projects: hotels, hospitals, universities, housing, offices, international headquarters and private projects.
In 2016, the default of its largest client in the Middle East plunged Oger International into a process of reorganisation under a protective regime (debt freeze for 18 months), with the objective of addressing its temporary cash flow difficulties and reorganizing the company, noted Baroud.
The new shareholder, Al Khawaja is a top Jordanian investor active in a wide variety of sectors in Europe, the Middle East, North Africa and the US. He is the main shareholder or holds stakes in the banking, telecommunications, cinema and hospitality industries.
At present, Al Khawaja is diversifying his investments in the field of construction, said the top official.
Aware of Oger International's operational qualities and human capital, he participated in the restructuring of its debt and acquired all the shares constituting Oger International's share capital, while fully adhering to the 2019-2021 strategic development plan led by the company's Management, Al Baroud.
The new shareholder undertakes to support Oger International's business and development, he added.
Oger International has reorganised itself according to 2 principles: diversification of clients and a solid foothold in France.
Four regional divisions (France and Europe, Africa, Middle East and Saudi Arabia) and three business units (architectural/interior; fluids-electricity; structure-infrastructure) are the backbone of the company's activity, said Al Baroud.
A development committee was set up with the necessary means to deploy Oger International's new strategy.
On the 2018 outlook, Al Baroud said it looks promising with bright opportunities in the construction industry, thus benefiting Oger International in riding the wave of success and growth.
Oger International has set itself voluntary targets - including regaining of its leading position in the construction engineering market and diversifying its clients, sectors and geographical areas of operation - to be achieved by 2021, he added.-TradeArabia News Service
