Global sells 51% stake in Jazeera Steel

Kuwait-based investment firm Global Investment House (Global) has successfully offloaded its controlling stake in Jazeera Steel, an Omani company listed on the Muscat Securities Market.

The stake was held by Global’s alternative asset management arm, Global Capital Management, through its Global Buyout Fund.

The 51% share in Jazeera Steel, originally acquired by GCM in 2007, has been transferred to the Suhail Bahwan Group, the eponymous holding group of the Omani billionaire.

“We are extremely delighted to have completed this exit and provide our investors with liquidity in such challenging geopolitical and economic environment,” said Sulaiman Mohammed Al-Rubaie, deputy chief executive of Global Investment House and managing partner of GCM.

Proceeds from the transaction are expected to be distributed to the investors of GCM’s fund within the second quarter of 2018, he added.

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