Muscat – National Gas Company on Monday announced that it has divested it entire 51 per cent stake in the joint venture company Unigaz LLC.

‘The company would like to inform its shareholders that Unigaz LLC has purchased our entire 51 per cent share in the joint venture at a transfer price of RO407,000,’ National Gas said in a disclosure submitted to the Muscat Stock Exchange.

All necessary formalities and transaction documents have been completed and the contract related to the sale of shares at the Ministry of Commerce, Industry and Investment Promotion has been signed, National Gas said.

The company assured its shareholders that this decision will enhance shareholder value in the longer term.

Unigaz LLC is engaged in the distribution of gas and maintenance of cooking gas pipes in Oman.

Since February this year National Gas was in discussions with its joint venture partner Unigaz International to buy out its share in Unigaz LLC. Unigaz had agreed to buy out National Gas’ entire 51 per cent share in the joint venture at a transfer price of RO407,000.

National Gas earlier had said that the exit from Unigaz LLC is aligned to its strategy roadmap and will enhance the shareholder value in the longer term.