Built to inform

Sign up for the daily newsletters

No, Thank you

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

Gulf Cryo is a Kuwaiti gas firm.
Gulf Cryo is a Kuwaiti gas firm.

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

 

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 754
Nov 23, 2019