PHOTO
The Abu Dhabi-based Alpha Dhabi Holding has said it will exit its 11% equity stake in OCI’s Global Methanol Business (known as OCI Clean Fuels Limited), following its acquisition by Canada’s Methanex.
The ADX-listed investment conglomerate said the move will be part of the transaction, which saw OCI Global sell its stake in its global methanol business to Methanex in a $2.05 billion deal.
OCI methanol unit is indirectly owned 85% by OCI and 15% by its partners, Alpha Dhabi Holding and ADQ.
OCI Global will receive a combination of $1.15 billion in cash and 9.9 million of common shares of Methanex as part of the deal, which will also make the Dutch green-fuel company the second-largest shareholder in the Canadian methanol producer with a 13% stake.
The transaction is expected to close in 2025, subject to antitrust regulatory approvals, customary closing conditions, and receipt of OCI shareholder approval.
(Writing by Bindu Rai, editing by Brinda Darasha)