Golden Dunes Investments (GDI), the promoter of Gulf International Pipe Industry (GIPI), announced on Sunday that it has fully divested its stake in GIPI. The stake has been bought by Capitoline Holdings Ltd, a subsidiary of Russian steelmaker TMK.
The formal transfer of GDI's 30 per cent stake in GIPI took place recently at the Ministry of Commerce and Industry, a press release said.
The sale transaction took over six months of intense negotiations to conclude as it involved multiple parties and a host of agreements to conform to international norms for such a large acquisition transaction.
GIPI was established in 2007 and the company commenced commercial production in April of 2010 upon completion of construction four months ahead of the EPC contractual schedule.
Hamdan al Shaqsy, chairman and CEO of GDI, said, “We are proud to have introduced and pioneered such a project in the sultanate after more than 40 years of dependency on import of these products in the country."
Shaqsy added, “GDI exits the company after having steered it towards multiple records in production capabilities within the GCC and approval by Sumitomo for casing pipe production for supply to Petroleum Development of Oman and many other clients. Large volumes of these products have since been successfully delivered to the various clients in Oman, GCC, Egypt, US and various other countries."