MANAMA: Bahrain Aluminium Extrusion Company (Balexco) has signed an agreement to sell its 50 per cent stake in Technal Middle East (TME) to Hydro Extruded Solutions, the 50 per cent joint venture partner with whom Balexco established TME in 2000.

The agreed enterprise value for sale of the 50 per cent stake in TME, which delivers tailor-made aluminium building solutions to the Middle East markets, is 35 million euros ($39.29m).

The transaction is expected to close in the second quarter of 2019, subject to regulatory approvals.

Balexco chairman Hisham Alrayes said: “We are pleased to announce this successful exit and high returns achieved for our shareholders over the years of investments.”

“These exits took place through the sale of our company’s stake in TME to Hydro and thank them for their co-operation and partnership with us over the past two decades, where joint investments and focus have helped to establish a regional market leader,” Mr Alrayes added.

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