Air Products Leasing BV, a company of leading Tier One company Air Products, has signed a joint venture agreement with a major domestic player in Oman.
The ‘conditional agreement’ with Muscat Gases Company SOAG (MGC) paves the way for the US-based corporation to clinch a majority stake in the Omani company’s industrial gases business.
Under the deal, it is understood that MGC will transfer its industrial gases business to a new wholly owned subsidiary LLC and subsequently sell 70% of the share capital of the subsidiary LLC to Air Products.
The transaction has the approval of MGC’s Board of Directors but is still subject to the approval of shareholders, according to a release by the Muscat Securities Market.
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