Muscat Gases, Air Products ink pact

Omani listed firm Muscat Gases Company SAOG (MGC) has inked a joint venture agreement with leading US-based industrial gases giant Air Products & Chemicals Inc. The deal paves the way for the sale of a majority stake in its industrial gases business to Air Products (AP).
A filing to the Muscat Securities Market explained: “Following the approval of the board of directors of Muscat Gases Company SAOG (MGC), MGC has signed a conditional agreement with Air Products Leasing BV (AP), a wholly owned subsidiary of Air Products & Chemicals, Inc, whereby it is intended that MGC will transfer its industrial gases business to a new wholly owned subsidiary LLC and subsequently sell 70 per cent of the share capital of the subsidiary LLC to AP. The above mentioned transaction is subject to the approval of the shareholders in an Extraordinary General Meeting (EGM) which will take place soon,” it added.
New York listed Air Products is a world-leading Industrial Gases company in operation for over 75 years. The company’s core industrial gases business provides atmospheric and process gases and related equipment to manufacturing markets, including refining and petrochemical, metals, electronics, and food and beverage. Air Products is also the world’s leading supplier of liquefied natural gas process technology and equipment.
The company had fiscal 2016 sales of $7.5 billion from continuing operations in 50 countries and has a current market capitalisation of approximately $30 billion.