Omani Plastics Firm Octal Weighs $800 Million Sale
Omani Plastics Firm Octal Weighs $800 Million Sale
(Bloomberg) --
Octal, an Omani plastics packaging manufacturer, is weighing a sale, according to people familiar with the matter.
The Muscat-based company is working with JPMorgan Chase & Co. as it considers selling a majority stake, the people said, asking not to be identified discussing confidential information. A sale could value Octal at about $800 million, one of the people said.
Octal has already drawn interest from strategic suitors in Asia and the U.S., according to the people. A representative for JPMorgan declined to comment, while a spokesperson for Octal couldn’t be reached for comment.
A sale would add to the $96 billion of deals targeting companies in the Middle East and Africa this year, according to data compiled by Bloomberg. That’s up more than threefold on the same period in 2020.
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