The board of directors of La Seda de Barcelona (LSB) unanimously agreed that Oman Oil Company (OOC) appoint a representative to the board, Mr. Alejandro Pons.
This board agreement follows the recent purchase of 6% of LSB shares by OOC, which has made the Arab oil group one of the major shareholders of LSB.
In late September, a delegation from LSB travelled to Oman to personally meet with representatives of OOC and discuss the basis for future cooperation.
The delegation met with the Chief Executive Officer of OOC, Mr. Ahmed Al- Wahaibi, and the Minister of Commerce and Industry of the Sultanate of Oman, H.E. Maqbool bin Ali Sultan.
A Spanish national, Mr. Pons has a Master's
degree from the London Business School and extensive experience in the midstream and downstream oil & gas industry.
LSB's Chairman, Mr. Rafael Espaņol, stated "La Seda proudly welcomes a company which has shown confidence in our shares and business concept by subscribing to our last capital increase in July. We are honoured to have met with Oman Oil Company and H.E. Maqbool bin Ali Sultan, the Minister of Commerce and Industry of the Sultanate of Oman. Moreover, I believe that we will find avenues of cooperation with Oman Oil Company, particularly in Oman, but also in Europe, the Middle East or elsewhere, given that La Seda is strongly committed to vertical integration and internationalisation".
In July 2007, LSB increased capital by 440 million Euros through an offering of new shares. It was through this placement that Oman Oil Company purchased 35.66 million new shares, representing 5.69% of capital stock. After the purchase of additional shares in early September, Oman Oil Company currently holds 6% and has become one of LSB's largest shareholders.
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La Seda welcomes Oman Oil Company (OOC) to the Board of Directors
- Oman: Tuesday, October 16 - 2007 at 15:16
- PRESS RELEASE
The board of directors of La Seda de Barcelona (LSB) met on October 8 to address several important matters including the appointment of a representative of Oman Oil Company (OOC) as new member. Mr. Alejandro Pons, Head of Business Development for Europe, will represent OOC on the board.
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Notes and media contacts
La Seda de Barcelona, LSB (www.laseda.es) is pursuing an ambitious vertical integrationstrategy around the clean plastic PET, ranging from its main raw material (PTA), down to its
primary use in bottles. LSB is already by far Europe's No. 1 manufacturer of PET resins with
over one million tonnes annually. The on-going acquisition of Amcor PET Packaging Europe
shall make the group Europe's largest producer of PET bottle preforms with a 16% market share.
At the same time, LSB is one of Europe's major suppliers of PTA, the main raw material
for PET.
Oman Oil Company, OOC (www.oman-oil.com) is fully owned by the Government of the Sultanate of
Oman. The company was created in 1992 to give the Government a vehicle for pursuing
investment opportunities in the energy sector both inside and outside Oman. The company is
currently involved in a number of projects in countries such as UAE, Korea, Thailand, Kazakhstan and Spain.
Following the visit of the LSB delegation to Oman and the appointment of a OOC representative to the board of LSB, both companies are in a position to discuss the alternatives for cooperation in more detail. LSB's determination to grow internationally and integrate vertically coordinates well with Oman Oil Company's interest in developing partnerships with private companies, particularly in downstream
projects.
Established in 1925, LA SEDA DE BARCELONA (LSB) has become Europe's leader in PET resins and a
main player in PTA. In 2006, the Group's revenues amounted to € 617 million, with EBITDA around € 60 million. Projected sales for 2007 amount to € 1.4 billion. With AMCOR's acquisition, LSB will be present in
Spain, UK, Portugal, Italy, Greece, Turkey, Romania, Belgium, Germany, France and Morocco.
The company is traded on the Spanish Stock Exchange (Bloomberg: SED SM, Reuters: SED.MC) with a market capitalisation of € 1.4 billion. Recently, LSB has successfully placed approximately € 440 m in new shares on the stock market to fund its future growth.
Further information:
Mariah Miller,
Phone 00 34 93 208 17 68,
Josep M. Vialis,
Phone 00 34 93 414 31 75,
Posted by Lara Lynn Golden, News EditorTuesday, October 16 - 2007 at 15:16 UAE local time (GMT+4)
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