Oman's Atyab spends $14m to hold 40% of soya facility

The Oman Flour Mills subsidiary will acquire a 40% stake in the planned project, which is due for completion in 2020

Atyab Investment has acquired a 40% stake in an upcoming Omani soya crushing facility [representational image].
Atyab Investment has acquired a 40% stake in an upcoming Omani soya crushing facility [representational image].

A wholly-owned subsidiary of Oman Flour Mills (OFM) will take a 40% stake in a soya crushing facility in the sultanate. 

Atyab Investment's board has approved the shareholding decision, OFM said in a statement to the Muscat bourse. 

OFM's subsidiary will invest around $13.5m (OMR5.2m) in the project. 

READ: Oman approves 15 construction tenders worth $15m

READ: Sohar Port to get $250m sugar refinery

The development is expected to be complete by 2020. 

A feasibility study conducted for the project found that its internal rate of return (IRR) is 15%, over a payback period of six years. 

Authority approvals to form a company for the project in collaboration with other shareholders are yet to be received. 

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