(MENAFN - Gulf Times) Mannai Corporation's extraordinary general assembly yesterday gave approval for the purchase of 100% of BlackCat Engineering & Construction Company shares for a maximum price of QR250mn.
BlackCat is an engineering, procurement and construction (EPC) contractor focused on executing engineering based contracts in the oil and gas sector in Qatar, particularly with Qatar Petroleum.
The proposed purchase of BlackCat is fully in line with Mannai's objective of increasing its penetration of the oil and gas sector by extending its range of services to the sector through BlackCat's well established EPC capabilities, Mannai Corp said.
Mannai Corp chairman Sheikh Hamad bin Abdulla bin Khalifa al-Thani said, "The transaction would place the company in a better position to benefit from the increased investments made in the oil and gas sector by the government under the wise leadership of HH the Emir Sheikh Hamad bin Khalifa al-Thani, and HH the Heir Apparent Sheikh Tamim bin Hamad al-Thani."
However, before concluding the transaction, which needs to be finalised by December 31, the company needs to comply with Qatar Financial Markets Authority requirements, laws, and regulations.
Sheikh Hamad bin Abdulla said, "With your support and approval, we are about to achieve yet another milestone fulfilling a promise we had made earlier. As part of its strategic planning, Mannai Corp would continue to diversify its business to support sustainable growth and continued strong performance."
Mannai Corp owns Manweir, a leading engineering workshop serving the oil and gas sector in Qatar. The company is also completing the construction of an additional engineering workshop for Manweir on a 46,500 sq m site in Ras Laffan.