The Prysmian Group, which had a 34.78% stake in Oman Cables Industry (SAOG), reports that it has paid approximately €100 million to attain a majority position.
A press release said that Prysmian now owns approximately 51% of SAOG, which has annual revenue of about $793 million. The company, has more than 800 employees in two plants, is a top cable manufacturer in the Gulf Cooperation Council region and is listed in the Muscat Securities Market.
“We consider our investment in Oman Cables Industry of strategic importance to our presence in the Middle East region” said Prysmian’s Group CEO, Valerio Battista. “We believe that the company has already demonstrated to be able to succeed in the market and it is now well positioned to seize new growth opportunities.”
SAOG is active in the development and manufacturing of a totally integrated variety of electrical cables and conductors for diverse applications. The company has positioned itself as a soundly-reputed cable manufacturer, complying with international standards and requirements to ensure the highest quality levels for its customers.
The closing of the acquisition is subject to customary conditions precedent.
