Muscat – Al Jazeera Steel Products Company, leading steel tube and structural products manufacturer in Oman, has announced its plans to form a subsidiary company in the United Arab Emirates.
The proposal was announced during the company’s board of directors meeting held on February 24.
‘The Subsidiary Company will engage in the production and sale of steel long products,’ Al Jazeera Steel said in a disclosure to the Muscat Stock Exchange (MSX).
‘The proposed capital structure of the subsidiary company envisages that 80 per cent of the equity would be held by Al Jazeera Steel Products Co and 20 per cent by Amal Suhail Salim Bahwan,’ the disclosure said.
The authorised capital of the proposed subsidiary company will be RO8mn.
‘The above decisions are subject to approval of the shareholders at the annual general meeting to be held on March 23,’ the company statement added.