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Al Gaith may list on DFM, LSE
ABU DHABI — Al Ghaith Group, which is setting up $750 million steel manufacturing plant at the Sohar Industrial Port of Oman, said it may list the shares of the company at London Stock Exchange, Muscat Securities Market and Dubai Financial Market.
"We have not taken any decision to this effect...we are working on it...being a company based in Oman we have to list on Muscat Stock Exchange...but for London Stock Exchange and DFM we are weighing the options," said Ghaith Hamel Khadim Al Ghaith, vice chairman of Shadeed Iron and Steel, a subsidiary of Abu Dhabi-based Al Ghaith Group.
He was speaking to the reporters after signing an agreement with Brazil 's SAMARCO to procure iron ore pellets, a raw material used in the manufacturing of steel re-bars. The steel plant will have the capacity to produce 1.5 million metric tonnes rebars per annum, benefiting from the abundance of natural gas available in Oman.
The plant, which is expected to start its commercial operations at the end of third quarter of 2008, will be the third steel manufacturing unit of its kind in the Gulf.
Jose Tadeu De Moraes, President of SAMARCO, a top exporter of iron ore pellets, said his company's current manufacturing capacity stands at 14 million metric tonnes, however it will be expanded up to 21 million metric tonnes. The company exports 4 million metric tonnes of its products to the Middle East steel mills.
"Our agreement with SAMARCO will cover major portion of Shadeed's annual demand in iron ore pellets and by this we feel ourselves more confident in moving ahead with the execution of the project at Sohar," said Bilal Mattarneh, General Manager of the Shadeed Iron & Steel.
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