§ØædG ¥Gƒ°SCG øjó≤Y ¥ÎØe '

Proceeds to support APICORP’sefforts to further diversify into midstreamsectorSetting in motion a divestmentplan aimed at mobilizing fundsfor a new phase of investments,the Arab Petroleum InvestmentsCorporation (APICORP), themultilateral development bank ofthe Organization of Arab PetroleumExporting Countries (OAPEC),OAPEC SPONSORED VENTURESAPICORP Divests 12 % Stake in Egypt-based ACBCAhmad Bin Hamad Al-NuaimAl-Nuaimi went on to say: “Thegoal of each of our investments isto support our investee companyin reaching a level of businessstability and operational maturityfrom which it can sustainablyaccelerate its development. Sincewe invested in ACBC 17 years ago,we have seen the company evolveinto the world’s largest productionline in the carbon black industrytoday announced that it has signed an agreement to and we now feel it is the right time to monetizesell its 12 % stake in the Egypt-based Alexandria the investment. We wish ACBC every success inCarbon Black Company (ACBC) to the Aditya continuing its exceptional growth story”.Birla Group, the majority shareholder of the Alexandria Carbon Black Company (ACBC)company. The divestment, APICORP’s first ever, was established in January 1993 in Egypt withwas approved by APICORP’s Board of Directors a paid-up capital of LE 99.5 million. APICORPat its fourth and final Board of Directors meeting has been a 12% equity stakeholder with a Boardfor 2010 held in Cairo on 26 December. The representation in ACBC since its establishment.Government of Saudi Arabia owns a 17% stake The company produces various grades ofin APICORP.Carbon Black (CB); the basic material used inAhmad Bin Hamad Al-Nuaimi, Chief Executive the manufacture of tires and other rubber-basedand General Manager of APICORP said, “The products like hoses and inks. Since commissioningagreement is further evidence of the rapid its first CB production line in late 1994 with adivestment potential of our investments. Hence, production capacity of 20,000 tons per year, thethis sale is part of an investment strategy to Company sought to maximize its exports, and hasredeploy funds for diversification into new reached a production capacity of 285,000 tonsmidstream sectors, particularly oil refining, per year. The remarkable success of its exports tostorage, transport and shipping.”Western Europe led to a ten-fold expansion in itsVolume 37 Issue 122