Bahrain's Unicorn takes 70% stake in oil, gas firm

Investment bank says it has completed deal for oil and gas services company.
Bahrain's Unicorn takes 70% stake in oil, gas firm
By Tom Arnold
Mon 01 Jun 2009 12:58 PM

Bahrain-based Unicorn Investment Bank announced on Monday its global private equity fund had acquired a 70 percent equity stake in Bahrain Maintenance and Diving Services (BMDS), an oil and gas services company.

The acquisition was completed through the fund’s wholly-owned subsidiary, Regional Energy Services Holding, the bank said in a statement.

BMDS specialises in commercial diving, rigging, marine construction and fabrication. The company, which was established in 1976, services a number of companies in the oil and gas sector in Bahrain.

It is the sixth investment by Unicorn’s global private equity fund following previous investments in Orimix Concrete Products, a UAE ready-mix concrete producer; Al Safat Industries Holding Company in Kuwait; Precision Time in Utah, USA; Ellington Leather in Oregon, USA; and Gulf Strategic Partners in Bahrain.

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