Muscat – Bank Muscat announced that it will receive around RO12.1mn for the sale of its 4.99 per cent stake in Octal Holding to Alpek, a global petrochemicals company incorporated in Mexico.

Bank Muscat – which is one of the minority shareholders in Salalah-based Octal – in February signed an agreement to sell its entire 4.99 per cent stake in Octal, along with all other shareholders of Octal to Alpek.

‘We wish to disclose that all the customary conditions related to mentioned sale transaction are now complete. The bank will receive an amount of around RO12.1mn as a sale consideration for its 4.99 per cent stake in Octal Holding resulting in capital gain of RO7.9mn from the transaction,’ Bank Muscat said in a disclosure to the Muscat Stock Exchange.

Mexico-based Alpek on Wednesday announced that it has received all necessary approvals from the regulatory authorities and has finalised its acquisition of the 100 per cent shares of Octal for a total consideration of US$620mn.

Salalah-based Octal is the world’s largest PET resin and sheet producer on a single site. With its proprietary direct-to-sheet manufacturing technology and early adoption of advanced PET resin manufacturing processes, Octal has become a global leader in PET packaging.