Apicorp sells 12 percent stake in ACBC to Aditya Birla Group
Thursday, 30 December 2010, 07:06 IST
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Dubai: Arab Petroleum Investment Corporation (Apicorp) will sell its 12 per cent stake in Egypt-based Alexandria Carbon Black Company (ACBC) to Aditya Birla Group, the majority shareholder in the company. By doing so, Apicorp -- the multilateral development bank of the Organisation of Arab Petroleum Exporting Countries (Oapec) -- has kicked off a divestment plan aimed at mobilising funds for a new phase of investments, the firm said in a statement. The divestment, Apicorp's first, was approved by its board on December 26. The UAE government owns a 17 per cent stake in Apicorp. Apicorp Chief Executive and General Manager Ahmad Bin Hamad Al Nuaimi said: "The agreement is further evidence of the rapid divestment potential of our investments. Hence, this sale is part of an investment strategy to redeploy funds for diversification into new midstream sectors, particularly oil refining, storage, transport and shipping.
Source: PTI
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