Energy Capital acquires stake in Saudi firm
Riyadh, September 27, 2011
Energy Capital Group (ECG), a private global investment firm with offices in Bahrain, Dubai and London, has acquired a 51 per cent stake in Saudi-based oil and gas industrial cleaning and environmental services company.
The Saudi firm Redland Industrial Services Arabia (Risal) was set up in 1976 by A A Turki Group of Companies (Atco) to undertake key maintenance contracts for Saudi Aramco.
It has since grown into a well-known provider of industrial services to a broad range of companies operating in the downstream oil and gas, petrochemicals, power and water sectors.
As per the deal, Risal's current shareholder Atco will retain its 49 per cent stake, said ECG, which focuses on energy and energy-related corporate investments.
Atco is also among ECG's founding shareholders along with Rawabi Holding Company, Al Muhaidib Group and Al Ansari Holding Company.-TradeArabia News Service