Muscat: In a statement to the Muscat stock exchange said National gas company : The company wishes to inform its esteemed shareholders that due to the recent pandemic effects and substantial escalation in the steel prices and construction costs, it is envisaged that the India LPG terminal project cost could escalate.
In the shareholders interest, the company has been in negotiations for the divestments of its entire 60% share in the project. The company has been able to conclude the negotiations and is pleased to inform the shareholders that the divestment would be at a premium that would result in a gross profit of US$3.5 million (RO 1.35 million). The gross proceeds that the company expects to receive is RO 6.24 million.
The company intends to pay off its loans with the proceeds and will be able to consolidate and strengthen its balance sheet for future expansion and growth purposes. The transaction is expected to take 2-3 months to close.
The company also wishes to keep its shareholders informed that it would be actively pursuing similar projects in future as soon as the situation stabilizes.
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