Gulf Cryo Holding, a leading manufacturer of industrial, medical and specialty gases in the Mena region, has announced that the company’s paid-up capital has increased by 50 per cent with the injection of new funds.

The capital was increased from capitalisation of voluntary reserves and retained earnings, as agreed by the owners, the company said. The company’s total paid-up capital now stands at KD22.5 million ($78 million).

This capital injection comes on the back of strong growth across the region, and geographical expansion in markets such as the GCC, Iraq, Jordan, Egypt, Turkey and Austria. The company now consists of over 30 production and distribution sites, with more than 1,000 employees across the Mena region, it said.

Amer Huneidi, chairman, said: “In the last three years, Gulf Cryo has gone from being a GCC company to now having a presence in Africa and Europe. We are proud to say that this has been the result of a strategic approach of identifying market trends and changing requirements, and positioning ourselves accordingly. Our investments are in our future – and this increase in our paid-up capital represents the trust that the board places in our operations, our plans and our outlook.”

Shailesh Iyengar, group finance director, said: “Rapidly expanding operations have resulted in strong sustained cash flow generation, and our balance sheet for expansion is robust. Whether through strategic investments, geographical expansion or new market opportunities, Gulf Cryo is poised for its next phase of growth.”

The company recently acquired shares in Tyczka Air Austria, part of the Tyczka Group, becoming minority partner. Gulf Cryo and the Tyczka Group will bring together technical, commercial, and financial resources into Tyczka Air Austria to create a well-positioned industrial gas company.

Gulf Cryo has invested in the construction of a 225 tpd (tonnes per day) air separation unit on a 30,000 sq m site in Abu Dhabi. The plant employs the most advanced air separation cryogenic technology available.

Earlier this year, Gulf Cryo announced the expansion of its CO₂ (carbon dioxide) production business. Gulf Cryo invested in four CO₂ hubs in Dubai, Kuwait, Dammam and Amman, all of which are tested and certified to the most stringent standards.

During 2013, Equate Petrochemical Company, Kuwait’s first private sector petrochemical company  launched its second CO2 recovery project in Kuwait in partnership with Gulf Cryo to continue environmental protection efforts and provide CO2 to relevant industries. – TradeArabia News Service