Aditya Birla group to acquire Apicorp's 12-per cent stake in Egyptian venture

Aditya Birla Group, the majority shareholder in Egypt-based Alexandria Carbon Black Company (ACBC), will pick up the 12 per cent stake of Arab Petroleum Investment Corporation (Apicorp) in the company, which the latter is offloading.

The divestment is part of a plan aimed at mobilising funds for a new phase of investments, Apicorp, the multilateral development bank of the Organisation of Arab Petroleum Exporting Countries (OAPEC), said in a statement.

Apicorp said its board of directors had, at its meeting on 26 December, approved the divestment plan.

The UAE government owns a 17 per cent stake in Apicorp.

"The agreement is further evidence of the rapid divestment potential of our investments. Hence, this sale is part of an investment strategy to redeploy funds for diversification into new midstream sectors, particularly oil refining, storage, transport and shipping," Apicorp chief executive and general manager Ahmad Bin Hamad Al Nuaimi said.

Apicorp's investment in ACBC was aimed at helping the company reach a level of business stability and operational maturity from which it could sustainably accelerate its development, and this has already been achieved, he added.