Prysmian bought a further 16% of the Oman Cable Industry for 100 million euros, thus reaching a 51% stake which guarantees him the absolute majority in the leading company in the production of cables in the Persian Gulf. Prior to this transaction, in fact, Prysmian Group held a 34,78% stake in the Omani company.
For Prysmian, the investment in Oman Cables Industry is strategic for strengthening its presence in the Middle East: "We believe that the company has already demonstrated that it is capable of being successful on the market and is now in the ideal position to seize new growth opportunities" , explained Valerio Battista, CEO of Prysmian Group.
"As major shareholders - he added - we will be happy to continue supporting the company, also leveraging our expertise as a world leader in the sector".
With revenues of 303,1 million Omani rials ($793 million) in 2014 and more than 800 employees in two manufacturing plants, Oman Cables Industry is one of the leading cable manufacturing companies in the Gulf region and is listed at the Muscat Stock Exchange.
The announcement of the purchase of a further 16% of Oman Cables Industry did not excite analysts given that Prysmian stock is among the worst of the day in the Stock Exchange and loses 13% at 1 pm.
