Steel

Kuwait’s Global in discussions to sell Al Jazeera Steel stake

: Monday, August 25 - 2014 @ 09:00

Kuwait-based Global Investment House is in discussions to sell its 51% in stake in Oman’s Al Jazeera Steel Products. The bank, which has restructured its $1.7bn of debt twice in the past five years, held discussions with regional investment firms interested in the business, sources were quoted as saying in the Muscat Daily report. Al Jazeera Steel, based near Sohar, makes steel tubes and structural products, it said. The company exports to around 25 countries and reported a profit of RO4.6m ($11.9m) last year, up 33% from the previous year, said the report.

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Monday, August 25- 2014 @ 9:00 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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