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Corrosion meet comes at a stimulating time

The 14th Middle East Corrosion Conference and Exhibition hosted by Bahrain this week held at a stimulating time in Bahrain’s history, said Minister of Energy, Dr Abdul Hussain bin Ali Mirza.

The hosting of the four-day event and the presence of experts in large numbers bears testimony to the confidence and faith the world has in Bahrain, he said while speaking at the inaugural session of the conference.

The conference is expected to find solutions to the “cancer of metals – corrosion”, said the minister. He called it a universal problem affecting metals.

The Arabian Gulf, he said, is not yet a refining hub, but soon approaching it. Dr Mirza said high summer temperature, high humidity and high salinity are major cause of corrosion. Containing corrosion will result in billions of dollars saved, said the minister.

Investcorp announces first exit from key Gulf Fund

Investcorp, the alternative investments specialist, has announced the first exit from its Gulf Opportunity Fund I. The firm also reported its results for the six months ended on December.

Investcorp announced that a definitive agreement has been signed for a sale of Redington International Holdings Ltd, the leading distributor of IT and telecom products in the Middle East, Africa and Turkey, in which the Investcorp Gulf Opportunity Fund I invested $65 million in November 2008 for a 26 per cent equity stake. The sale will generate gross proceeds of $114.8 million (including $2.1 million in dividends already received) representing a gross $49.8 million capital gain, net IRR of 17 per cent and 1.7 multiple of our investors’ equity investment.

The buyer is the Bombay Stock Exchange-listed parent company Redington India, which acquired the shares to regain complete control and ownership of its subsidiary.

Trade delegation to visit US

Bahrain Chamber of Commerce and Industry (BCCI) and the Economic Development Board (EDB) has stressed the importance of activating the results of the Trade and Economic Bahraini delegation to the United States, especially approved projects.

The BCCI and the EDB also noted the importance of following up on the outcomes of the visit and implementing all the recommendations, adding that strengthening ties proportionately with the size of capabilities requires all available facilities in doing so.

The BCCI and the EDB are arranging for a Bahraini Trade delegation to visit the United States this year in order to explore potential opportunities for joint ventures and bolster business ties strengthening bilateral relations.

Batelco Group
to sell its stake
in STel India

Batelco Group, the Middle Eastern regional telecommunications operator of reference with operations across seven countries, has announced its agreement for the sale of its shareholding in STel Private Limited (STel), a mobile operator in India.

This is a part of an earlier understanding with its Indian partner to exit, given the circumstances surrounding the 2G probe in India over the past twelve months.

Batelco’s Group Chief Executive, Shaikh Mohamed bin Isa Al Khalifa, stated that “BMIC Limited, a 100 per cent Batelco owned subsidiary company, entered into an agreement, in the fourth quarter of 2011 to sell its 42.7 per cent equity in STel for BD 65.8M ($174.5M) to its Indian partner, Sky City Foundation Limited”.

The agreed time frame for completion of the sale is the end of October 2012.

news@khaleejtimes.com