Bahrain Mumtalakat Holding Company has announced the acquisition of a minority equity stake in Gulf Cryo, a Kuwait-based manufacturer, distributor and service provider of industrial gases.
Mumtalakat, the investment arm of Bahrain, said in a statement that it will join Gulf Cryo's shareholders, who also include Amer Huneidi, other members of the Huneidi family and Investcorp.
Founded in 1953 as the Kuwait Oxygen and Acetylene Company, Gulf Cryo produces and supplies industrial, medical and specialty gases to a wide range of industries in the MENA region.
Gulf Cryo was the first gas manufacturer in Kuwait to provide industrial gases such as oxygen and nitrogen to the booming local petroleum industry. During the 1970s, the company expanded into the UAE, with the formation of the Arabian Industrial Gases Company in Sharjah.
Today, Gulf Cryo oversees a network of over 30 production and distribution sites operating in 12 countries, including the GCC countries, Jordan, Syria, Egypt, Iraq, Turkey and Austria, and is supported by a workforce of 1,000.
Mahmood Hashim Al-Kooheji, CEO of Mumtalakat said: "This acquisition marks our fourth investment in the industrial sector in recent months and is a reflection of our continued efforts to grow and diversify our business portfolio. These investments will help further diversify the kingdom's industrial base and drive local economic development."
Amer Al Huneidi, chairman of Gulf Cryo added: "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."
Source: Arabian Business