Prysmian Group has agreed
to raise its stake to 51% in Oman
Cable, a top manufacturer
in the Gulf area with a turnover
of $793 million.
The agreement sees an increase from the 34.78% already owned by the Group, thus achieving a share majority. Under the terms of the contract, Prysmian Group will purchase an additional 16% (approximately) for a total of around €100 million. CEO Valerio Battista considers the investment of strategic importance to Prysmian presence in the Middle East region. “We believe that Oman Cables Industry has already proved its ability to succeed in the market, and is now well positioned to seize new growth opportunities.” As the main shareholder, Prysmian “will be delighted to keep supporting the company by leveraging on The Group’s capabilities as a worldwide leader in the cable industry”.
With a turnover of $793 million in 2014 and more than 800 employees across two plants, Oman Cables Industry is a top manufacturer in the Gulf Cooperation Council region and is listed in the Muscat Securities Market. The company is active in the development and manufacture of a variety of electrical cables and conductors for diverse applications, and enjoys a sound A top manufacturer reputation in the market, complying with international standards and requirements to ensure the highest quality levels for its customers. The company has also demonstrated continued and increasing capabilities for dealing with large international engineering, procurements and construction corporations.
The Group boasts a number of important ongoing and completed projects in the Middle East, including the 400 kV power transmission system for Transco, connecting the Bahia and Saadiyat Grid Stations in Abu Dhabi; the Phase XI underground cable system in Qatar, and the MEW 06 Jaber Al Ahmed City and Jamal Abdel Nasser Street projects in Kuwait, awarded early in 2015.
Larsen & Toubro selected Prysmian Group to supply a new HV underground cable system for Oman Electricity Transmission Company as part of a larger overall project known as OETC 143/2014 – 132 kV. The new cable system aims to strengthen power supply to the city of Salalah. Under the awarded contract, Prysmian is responsible for the design, engineering and production of a new HV underground cable transmission line between Sadda Grid Station and LILO, that includes 85 km of 132 kV XLPE insulated cable. The project will be completed by the end of June 2016. Antonio Chiantore, General Manager for Prysmian Group in the Middle East, notes that the award “confirms Prysmian’s role, capacity and capabilities to support the development of major power grids in the strategic region of the Middle East”.