Bahrain Mumtalakat Holding Company (Mumtalakat), the investment arm of the Kingdom of Bahrain, has announced its successful acquisition of a minority equity stake in Gulf Cryo.
The investment is regarded as a reflection of Mumtalakat’s continued efforts to grow and diversify its holdings across various sectors and regions.
Mumtalakat will join Gulf Cryo’s shareholder group, which includes Chairman Mr Amer Huneidi, other members of the Huneidi family, and Investcorp.
For Kuwait-based Gulf Cryo, the leading regional manufacturer, distributor and service provider of industrial gases, the investment is the latest in a long line of developments of late.
Early 2015 saw the company continue to build its presence in the emerging Turkish market with the acquisition of local company Yaliz Gaz. More recently the company has officially inaugurated the first commercial carbon dioxide plant in Kuwait in a venture with EQUATE Petrochemical Company, and appointed industrial gas veteran Mike Huggon – formerly of Linde-BOC – as CEO.
Both of the latter developments were announced just last month (February 2016), with Gulf Cryo now further bolstered in its expansion plans by today’s investment of Mumtalakat.
”With its considerable funding expertise and influential connections in Bahrain and the wider GCC, we are confident that Mumtalakat will help support Gulf Cryo’s investment plans in the coming years…”
Indeed, in announcing the deal Mumtalakat CEO Mahmood Hashim Al-Kooheji hinted at Gulf Cryo’s aim to establish a presence in the Kingdom of Bahrain, emboldened by leveraging the former’s own regional network and expertise.
Such expansion would build upon an existing Gulf Cryo network of over 30 production and distribution sites in 12 countries, including the GCC countries, Jordan, Syria, Egypt, Iraq, Turkey and Austria.
Chairman Amer Al Huneidi, reflected, “We are delighted to welcome Mumtalakat, a highly respected investment company, to Gulf Cryo’s shareholding structure. With its considerable funding expertise and influential connections in Bahrain and the wider GCC, we are confident that Mumtalakat will help support Gulf Cryo’s investment plans in the coming years.”
“We have been through a period of significant growth, concentrating on growing our portfolio of business services across wider territories. Our aim is to achieve sustainable investment returns for our stakeholders and we look forward to working with the Mumtalakat team to further strengthen our market position.”