Rashid bin Ali Al Mansoori, CEO of Aamal Company.
DOHA: Aamal Company (Aamal), one of the region’s largest and most diversified companies, announced that its Board of Directors has approved a number of important investment decisions.
Following Aamal’s earlier disclosure regarding a potential change in the Company’s ownership of ECCO Gulf, the Board has yesterday approved the sale of Aamal’s 51% stake in ECCO Gulf to its foreign partner Majorel Group Luxembourg S.A. for an amount of EUR 8,500,000, equivalent to approximately QR36.4m. As a result of this transaction, Aamal expects net profit of approximately QR13.5m to be realised at the year end.
The Compnay’s decision to divest its shares in the business was mainly due to the recent acquisition of Aamal’s partner in ECCO Gulf, as well as the desire to focus more on other investments which better align with Aamal’s strategic direction.
The Board also approved the establishment of a new company in the State of Qatar, operating in the oil and energy services sector, as a joint venture between Aamal Readymix (with a 60% ownership) and Mohammed Al Barwani Oil Services – an Omani limited liability company – (with a 40% ownership).
On this occasion, Rashid bin Ali Al Mansoori, CEO of Aamal Company, commented: “These strategic decisions reflect Aamal’s commitment to focusing on its core operations, enhancing operational efficiency, and entering into promising partnerships that support our journey toward sustainable growth. We are confident that these steps will contribute to creating added value for our shareholders and reinforce Aamal’s role as a key partner in Qatar’s economic development.”
