Dubai International Capital (DIC), the private equity arm of Dubai Holding, has completed the sale of Almatis, a leading global supplier of premium alumina, to Oyak, Turkey's largest private pension fund.

The completion of this sale follows receipt of all relevant regulatory approvals, a statement said.

Taco Gerbranda, chief executive officer of Almatis, said: “We are grateful to DIC for their support and the strong partnership that we formed during their ownership period. This partnership was critical in allowing us to undertake very ambitious strategic steps that ensured the longer term stability of our company by extending our global presence, increasing capacity and becoming vertically integrated, with the single objective to better serve our customers.”

“Today marks the start of a new chapter for Almatis, with an owner who has expertise in our sector. This transaction positions Almatis very well to support the growth of our customers, grow with them and at the same time strengthen our leadership in the premium alumina industry. With its strong understanding of Almatis' customer needs, the market opportunities and challenges, Oyak is well placed to foster Almatis' continuous development, pursuing its long-term strategy,” he added.

David Smoot, chief executive officer of Dubai International Capital said: “We are extremely pleased with the outcome of the sale of Almatis. During our ownership, our close collaboration with the management team and investment in the business allowed the Group to achieve significant growth and improvements in its operations. The Group has an extremely attractive growth potential and Oyak is the right partner to support it in the next phase of its development.” – TradeArabia News Service