Bahrain: Mumtalakat acquires Kuwait gas firm stake
This follows Mumtalakat's previous announcement confirming the 49% takeover of Aleastur, a Spanish manufacturer of aluminium products
Bahrain Mumtalakat Holding Co announced it has acquired a minority equity stake in Gulf Cryo, a Kuwait-based manufacturer, distributor, and service provider of industrial gases.
This follows Mumtalakat's confirmation from earlier this week, stating it has completed the 49% acquisition of Aleastur, a Spanish manufacturer of aluminium products.
Through the takeover, Mumtalakat aims to support Aleastur’s plans to establish a presence in Bahrain, which will cater to the company’s existing client base in the region, and to target new customers in Asia, including smelters and casting operations.
Regarding its operations with the Kuwaiti firm, Mumtalakat, the investment arm of Bahrain, said it will join Gulf Cryo's shareholders, who also include Amer Huneidi, other members of the Huneidi family, and Investcorp.
Gulf Cryo produces and supplies industrial, medical and specialty gases to a wide range of industries in the MENA region.
Remarking on this acquisition, Mahmood Al Kooheji, CEO of Mumtalakat, said: "This acquisition marks our fourth investment in the industrial sector in recent months and is a reflection of our continued efforts to grow and diversify our business portfolio.
"These investments will help further diversify the Kingdom's industrial base and drive local economic development," he added, according to Arabian Business.