Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Trump prepares to unveil sweeping new US tariffs on 'Liberation Day'    At least 22 civilians killed in Israeli strike on UNRWA clinic in Gaza    UK says it won't jump into US trade war as Starmer urges calm response to tariffs    Russia, Ukraine trade fresh accusations of violating US-brokered energy ceasefire deal    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Over 1 million pilgrims benefit from golf cart service at Grand Mosque during Ramadan    Visitors welcomed with Eid initiative at Thee Ain Heritage Village in Al-Baha    Tebuk emir reviews rain response in Tayma    Saudi Arabia considers rent cap as part of major real estate reforms    Messi's bodyguard banned from touchline at Inter Miami games    Screen time in bed linked to insomnia, study finds    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Ministry of Education forms 425 community partnerships with SR653 million impact    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



APICORP acquires 5.62% stake in TAQA
Published in The Saudi Gazette on 09 - 10 - 2013

THE Arab Petroleum Investments Corporation (APICORP), the multilateral development bank owned by the Organization of Arab Petroleum Exporting Countries (OAPEC), announced Tuesday that it has acquired a 5.62 percent equity stake in Saudi-based The Industrialization and Energy Services Company (TAQA) from Arabian Pipes Company (APC). The government of Saudi Arabia owns a 17 percent stake in APICORP.
APICORP is now the joint third largest shareholder in the company with over 11.2 million shares. A Closed Joint Stock Company established in 2003 as part of Saudi Arabia's privatization strategy, TAQA is owned 45 percent by the Saudi Government, with the reminder owned by several institutional, private and industrial investors.
Ahmad Bin Hamad Al Nuaimi, APICORP's CEO and GM, said: “The TAQA equity acquisition is a perfect fit for our investment strategy. It is consistent with our commitment to supporting prominent Arab energy companies that show significant growth and value-creation potential. At the same time, it dovetails well into our objective of diversifying into sectors that provide vital support services for the hydrocarbon industry. TAQA has achieved robust growth over the last decade and its development has also brought tangible economic benefits, one of them being transfer of know-how. As part of our mandate, we are keen to invest in companies like TAQA, which play a crucial role in helping Arab countries maximize efficiencies in the energy value chain. As the company gears to expand its operations, we look forward to supporting its growth along with other key shareholders.”
APICORP has a long and successful track record in participating as an equity stakeholder in companies in the Arab world. The multilateral development bank participates in the strategic and managerial development of its investee companies, bringing many strengths to their development including its strong capital and liquidity position, relationships with a range of institutional players, financial advisory services, and extensive technical and project management know-how.
“TAQA's growth and ambitious expansion make it a very valuable addition to our investment diversification program, which earlier this year saw the launch of the APICORP Petroleum Shipping Fund. Establishing the right balance in our funding composition and prudently managing our debt has allowed us to accelerate the momentum of our investment growth. The success of our investments is borne out by our high asset quality, which was a key factor in Moody's affirmation of APICORP's Aa3 rating in September. Encouraged by these positives, we will continue to explore investment opportunities in new oil and gas and services sectors across the Arab world,” Al Nuaimi added.
Riyadh-based TAQA has a substantial portfolio of subsidiaries and affiliates established in joint ventures with global leaders. These companies are today leading operators in fields such as drilling, geophysical services, oil field services, seamless pipe manufacturing, industrial gases, and oil and gas offshore platform fabrication.
Joint ventures in which it is a majority shareholder include Arab Drilling Company (ADC), one of Saudi Arabia's largest drilling companies, established in alliance with Schlumberger; Arabian Geophysical & Surveying Company (ARGAS) formed in partnership with CGG Veritas; and Al-Jubail Energy Services Company (JESCO), the GCC region's first seamless pipes manufacturing company. – SG


Clic here to read the story from its source.