BH Global Marine and telecommunication equipment to the marine and offshore and oil & gas industries, says wholly-owned subsidiary, Global Steel Industries, has agreed to establish a joint-venture company with Takamul Investment Company S.A.O.C. to establish a joint venture company in Oman known as Gulf Specialty Steel Industries LLC.
BH Global is the provider of premium electrical instrumentation. Takamul is majority-owned by S.A.O.C, a state-owned Omani oil company.
GSSI will help develop, construct and operate of a plant for the manufacture of galvanised steel wire products.
GSI will subscribe to 1.02 million shares, constituting a 51% stake in GSSI, at 1 Omani Rial each for an aggregate cash consideration of 1,020,000 Rials ($3.46 million). The remaining 49% equity interest in GSSI or 980,000 shares at the same price will be subscribed by Takamul.
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