(MENAFN) The Arab Petroleum Investments Corporation (APICORP) announced its acquisition of 5.62 percent stake of the Saudi-based Industrialization and Energy Services Company (TAQA), according to Arab News.
APICORP, which the government owns 17 percent stake in it, bought TAQA's stake from Arabian Pipes Company (APC).
The Saudi government owns 45 percent of TAQA.
"The TAQA equity acquisition is a perfect fit for our investment strategy," Ahmad bin Hamad Al-Nuaimi, APICORP"s CEO and GM, commented.
Al-Nuaimi added: "It is consistent with our commitment to supporting prominent Arab energy companies that show significant growth and value-creation potential. At the same time, it dovetails well into our objective of diversifying into sectors that provide vital support services for the hydrocarbon industry. TAQA has achieved robust growth over the last decade and its development has also brought tangible economic benefits."
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