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
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.
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.