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Broadband

Prysmian Group ups stake in Oman Cables Industry

Wednesday 16 December 2015 | 16:47 CET | News
Prysmian Group has signed an agreement to increase its stake in Oman Cables Industry to approximately 51 percent, thus gaining a majority stake. According to the terms of the agreement, Prysmian Group, which already own a 34.78 percent stake in the company, will purchase an additional 16 percent for around EUR 100 million. The group considers investment in Oman Cables Industry of strategic importance to its presence in the Middle East region. With a turnover of USD 793 million in 2014, more than 800 employees in two plants, Oman Cables Industry is a top cable manufacturer in the Gulf

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Categories: Fixed
Companies: Prysmian
Countries: Oman
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