GIC set to buy 20% stake in Oman company

Published July 1st, 2004 - 03:00 GMT

Oman Oil Company (OOC) is to sell a quarter of its 80 per cent stake in Oman Polypropylene LLC (OPP) to the Gulf Investment Corporation (GIC), a business company owned by the Gulf states, the state news agency ONA reported.

The other 20 per cent of OPP’s stock is owned by LG International, it said.

“The addition of GIC as an investor ... further enhances the company’s shareholding and is in line with one of OOC’s objectives to facilitate foreign investment in the sultanate,” Commerce and Industry Minister Maqbool bin Ali Sultan told the news agency.

The Kuwait-based GIC is owned in equal shares by Bahrain, Saudi Arabia, Kuwait, the United Arab Emirates, Qatar and Oman. Its mission is to stimulate investment and markets in these countries. (menareport.com)