Bahrain: The Arab Petroleum Investments Corporation (APICORP), a development bank jointly owned by Organisation of Arab Petroleum Exporting Countries (OPEC) member states, has purchased 30% stake in Falcon Cement. The deal was completed with the GFH Financial Group.
“We are delighted to acquire a 30% stake in FCC, Bahrain’s largest cement producer. We believe this is a high growth sector for Bahrain and the investment assists us in diversifying our investment portfolio. The investment is also a strong signal of APICORP’s commitment to driving economic growth throughout the region,” said Raed Al Rayes, Deputy CE and General Manager of APICORP.
Falcon Cement runs the country’s sole integrated cement plant. It has a production capacity of 1000t/day and this is currently being upgraded to 2400t/day in 2017. Another regional firm, Integrated Capital PJSC, part of the Abu Dhabi Financial Group, bought a 10% stake in Falcon Cement in 2016.
