OBIC acquires a 20% stake in Sun Packaging Company LLC

Al Anwar Holding Company has divested a 51 per cent stake out of its 62.5 per cent ownership in Sun Packaging Company, according to a company statement on Muscat Securities Market (MSM) website on Thursday.
Sun Packaging is involved in the manufacture of flexible packaging in the sultanate.
Reji Joseph, CEO, Al Anwar Holding, said in a statement that out of its total 62.5 per cent stake in Sun Packaging, Al Anwar has sold a 31 per cent stake to National Investment and Finance Company and 20 per cent stake to Oman Brunei Investment Company at a total consideration of RO1.44mn.
“As a result of the sale, Sun Packaging has ceased to be a subsidiary of Al Anwar. A profit of approximate RO348,000 has been booked by Al Anwar in its group accounts. The profit is arrived at by reducing the net of assets and liabilities, as on June, 30, 2011 financial statements of Sun Packaging,” Joseph added.

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