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This investment is a reflection of Mumtalakat's continued efforts to grow and diversify its holdings across various sectors and regions
Manama, Kingdom of Bahrain, 8 March 2016: Bahrain Mumtalakat Holding Company ("Mumtalakat"), the investment arm of the Kingdom of Bahrain, announces its successful acquisition of a minority equity stake in Gulf Cryo (the "Company"), the leading regional manufacturer, distributor and service provider of industrial gases based in Kuwait. Mumtalakat will join Gulf Cryo's shareholder group, which includes Mr. Amer Huneidi, other members of the Huneidi family and Investcorp. deNovo Corporate Advisors ("deNovo") acted as the financial advisor in this transaction to the majority shareholders in the Company.
Founded in 1953 as the Kuwait Oxygen and Acetylene Company, Gulf Cryo produces and supplies industrial, medical and specialty gases to a wide range of industries in the MENA region. Gulf Cryo was the first gas manufacturer in Kuwait to provide industrial gases such as oxygen and nitrogen to the booming local petroleum industry. During the 1970's, the Company expanded into the UAE, with the formation of the Arabian Industrial Gases Company in Sharjah.
Today, Gulf Cryo oversees a network of over thirty production and distribution sites operating in twelve countries, including the GCC countries, Jordan, Syria, Egypt, Iraq, Turkey and Austria, and is supported by a team of 1000 professionals. Gulf Cryo's capabilities include a considerable pipeline distribution network, the largest merchant air separation production capacity in the region as well as an extensive network of facilities manufacturing and distributing oxygen, nitrogen, acetylene, carbon dioxide, dry ice, hydrogen, nitrous oxide, food-grade, specialty and medical gases.
Commenting on this successful acquisition, Mr. Mahmood Hashim Al-Kooheji, Chief Executive Officer of Mumtalakat said: "We are delighted to have concluded this transaction, which is aligned with our strategy to invest in leading international companies with strong growth potential looking for an active, long-term investor.
We look forward to working closely with Gulf Cryo's skilled management team to support its future growth and expansion initiatives. By leveraging Mumtalakat's regional network and industrial sector expertise, we aim to support the Company's market penetration as well as its plans to establish a presence in the Kingdom of Bahrain.
This acquisition marks our fourth investment in the industrial sector in recent months and is a reflection of our continued efforts to grow and diversify our business portfolio. These investments will help further diversify the Kingdom's industrial base and drive local economic development."
Mr. Amer Al Huneidi, Chairman of Gulf Cryo said: "We are delighted to welcome Mumtalakat, a highly respected investment company, to Gulf Cryo's shareholding structure. With its considerable funding expertise and influential connections in Bahrain and the wider GCC, we are confident that Mumtalakat will help support Gulf Cryo's investment plans in the coming years.
We have been through a period of significant growth, concentrating on growing our portfolio of business services across wider territories. Our aim is to achieve sustainable investment returns for our stakeholders and we look forward to working with the Mumtalakat team to further strengthen our market position."
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About Mumtalakat
Mumtalakat is an independent holding company mandated to grow the wealth of Bahrain through long-term investments based on sound financial, strategic and governance principles. Mumtalakat holds stakes in over 40 commercial enterprises, with a portfolio spanning a variety of sectors, including industrial manufacturing, financial services, telecommunications, real estate, logistics, consumer products and education.
About Gulf Cryo
Gulf Cryo Holding has specialised in the manufacture and supply of industrial gases in the Middle East for six decades. It employs over 1000 staff with 30 production and distribution sites across 12 countries recently expanding into North Africa and Europe. Founded in 1953 as the Kuwait Oxygen Company, Gulf Cryo is now one of the leading manufacturers and distributors of industrial, medical, food and speciality gases in the MENA region. With proven leadership, Gulf Cryo boasts the largest distribution fleet in the Middle East and is the first ISO certified private industrial gases company in the region. Its aim is to consistently enhance its ability to deliver a product safely, reliably and with the highest possible quality.
For further information please contact:
Bahrain Mumtalakat Holding Company:
Fatema Alkhan
Corporate Communications
Direct: +973 1756 1282
Email: fatema.alkhan@bmhc.bh
Gulf Cryo
Nadine Abdul Malak
T: +971 4 884 8199
E: nmalak@gulfcryo.com
© Press Release 2016
