Bahrain Mumtalakat Holding Company, the investment arm of the Gulf kingdom, has announced the acquisition of a 49 percent equity stake in Asturiana de Aleaciones, a Spanish-based manufacturer of aluminium grain refiners and master alloys.
Established in 1985, the company has a distribution base of over 700 customers across 70 countries, a statement said.
Mumtalakat said the transaction demonstrates its commitment to further develop Bahrain's downstream aluminium sector and to strengthen the synergies between local manufacturers and key international players.
Mumtalakat added that it aims to support Aleastur's plans to establish a presence in Bahrain to cater to the company's existing client base in the region and to target new customers in Asia, including smelters and casting operations.
Mahmood Hashim Al Kooheji, CEO of Mumtalakat said: "We are proud to have partnered with Aleastur, a prominent global aluminium grain refiner, and we look forward to working closely with the company's strong management team to support its expansion initiatives.
"Mumtalakat intends to leverage its extensive aluminium industry expertise and strong regional network to enable Aleastur to tap into new export markets and reach its growth potential."
He added: "This acquisition marks our second investment in the downstream sector in recent months and underscores our efforts to bolster the kingdom's aluminium industry through strategic alliances."
Jose Martinez, CEO of Aleastur, said: "We are keen to exploit all our business synergies with the strong financial and industrial support of Mumtalakat, both at the Bahrain expansion and at the corporate level."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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