OCTAL to sell 100% ownership to petrochemical company ALPEK

Business Tuesday 01/February/2022 19:34 PM
By: Times News Service
OCTAL to sell 100% ownership to petrochemical company ALPEK

Muscat: OCTAL, maker of DPET® thermoforming PET sheet, announced today that the shareholders of OCTAL Holding SAOC have entered into an agreement to sell a 100 per cent stake to Alpek, S.A.B. de C.V. (‘Alpek’).

"With its proprietary direct-to-sheet manufacturing technology and early adoption of advanced PET resin manufacturing processes, OCTAL has become a global leader in PET packaging. The transaction is expected to close in the first half of 2022, subject to customary closing conditions and regulatory approvals," a statement by OCTAL said.

Speaking on the sale, Nicholas P. Barakat, CEO of OCTAL said, “OCTAL has grown into a globally recognized company and a world leader in PET Sheet, with manufacturing facilities and offices in Oman, USA, KSA and the UAE and sales of over 1 billion USD. Innovation, sustainability and expansion have been key enablers in OCTAL’s success which could only have been achieved with the vision and guidance of our shareholders. Looking ahead, we see a bright future for OCTAL under Alpek’s ownership.”

J.P. Morgan acted as exclusive financial advisor to OCTAL on the transaction and Latham & Watkins LLP were legal advisors to OCTAL.