Syria has 3 % of shares ..Apicorp to exit two equity investments, reinvest proceeds
Arab Petroleum Investments Corp (APICORP) on Sunday said it was in “mature discussions to divest two of its key equity stakes and reinvest the proceeds in new oil and gas companies as it seeks to diversify its portfolio.
The development bank — owned by the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), with Saudi Arabia and the United Arab Emirates each holding 17% stakes — did not say what it would sell.
The bank plans to reinvest the proceeds in upstream and midstream projects in the oil and gas sectors in the Middle East and North Africa region.
“We feel it is an opportune time to initiate divestments and enter new ones that further diversify our oil and gas investment portfolio,” Ahmad Bin Hamad Al-Nuaimi, Apicorp’s chief executive and general manager said in a statement.
The bank, which had total assets of US$4.1 billion at the end of 2009, did not say what amount it was expecting to raise from the divestment.
Apicorp, headquartered in Saudi Arabia, said about 65% of its equity investments and 37% of its loan book are allocated to the kingdom.
The lender said it expects to double its direct investment portfolio by the end of its 2010-2014 five year plan from a value of US$257 million at the end of 2006.