By Staff writer
Seera Investment Bank announces sale of Kosan Crisplant to owner of its biggest competitor
Seera Investment Bank, a Bahrain-based Shari'a compliant investment bank, has announced the sale of Kosan Crisplant, a provider of filling equipment for LPG gas cylinders, to a regional strategic buyer for $63.5 million.
Kosan, headquartered in Denmark, supplies equipment, plants and systems for filling and maintenance of LP gas cylinders. Since 1951, the group has supplied over 2,600 plants in nearly 130 countries all over the world.
Hamad Al Ameeri, Seera's chairman, said: "We are very pleased on the completion of the sale of Kosan. When Kosan was acquired in 2008, no one knew the challenging times that lay ahead caused by one of the worst financial crisis in the global economic history.
"Like all businesses Kosan was also impacted. However, with the dedication and hard work of the management teams at Kosan and Seera, the company successfully weathered this challenge and not only returned to strong profitability but is also on track for further substantial growth as a leader in the LP gas sector."
He added: "The sale of Kosan to a strategic buyer, who also owns the biggest competitor of Kosan, is the right step in the company's development."
During Seera's ownership several new products were launched by Kosan and targeted acquisitions were also made.
In May, Seera announced the completion of a new transaction to buy a development in London which operates in the dementia care sector.
The company, which partnered with the UK-based Apache Capital Partners, said the development when completed will provide about 115 housing units providing specialised care to dementia sufferers.For all the latest energy and oil 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.