Muscat Gases to sell stake in unit to Air Products

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Muscat Gases to sell stake in unit to Air Products

May 30, 2017 9:13 AM

Oman s Muscat Gases Company (MGC) has signed a conditional agreement with Air Products Leasing BV a wholly owned subsidiary of US-based Air Products & Chemicals to sell a majority stake in its industrial...

Oman’s Muscat Gases Company (MGC) has signed a conditional agreement with Air Products Leasing BV, a wholly owned subsidiary of US-based Air Products & Chemicals, to sell a majority stake in its industrial gases business to Air Products.

A filing at the Muscat Securities Market by MGC said the company will transfer its industrial gases business to a new wholly owned subsidiary LLC and subsequently sell 70 per cent of the share capital of the subsidiary LLC to Air Products, said the Oman Daily Observer report.

The transaction is subject to the approval of the shareholders in an extraordinary general meeting (EGM) which will take place soon, it added.

New York listed Air Products is a world-leading industrial gases company in operation for over 75 years.

The company’s core industrial gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage.

Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment.

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