Mitsubishi Takes Stake in UAE Water Firm Metito
Japan's Mitsubishi Corp and Mitsubishi Heavy Industries have acquired a 38.4 percent stake in water and wastewater project developer Metito Holdings for an undisclosed sum, the United Arab Emirates-based firm said. In addition, the Japan Bank for International Cooperation will provide up to $92 million in funds to Metito to help finance its expansion plans. Japanese firms' global network and expertise will help Metito develop its operations, said Metito chief executive Rami Ghandour. "We have outgrown the region and we need to position ourselves for the next stage of our growth," Ghandour said in a telephone interview. While Metito could look to bid for projects in collaboration with its new stakeholders…
Gulf Capital Acquires Stake in Maritime Industrial Services Co.
According to Rigzone, Gulf Capital has acquired, as part of a large investment consortium, a 21% stake in Maritime Industrial Services Co. (MIS) was acquired as part of a larger private placement that raised $80 million for MIS on the Norwegian over the counter (OTC) market. The private placement will enable MIS, which provides a fully integrated onshore and offshore engineering, procurement, fabrication, construction and shipyard service, to capitalize on the current boom in offshore oil explorations and allow it to enter in a major way into the rig manufacturing business. The current high demand for oil and gas has resulted in an unprecedented amount of offshore exploration activities and boosted worldwide offshore rig utilization to 86%, one of the highest levels ever.
