Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) has finished selling its 29% stake in National Petroleum Services (NPS) to National Energy Services Reunited Corporation for an undisclosed amount.
APICORP forecast to realise significant capital gains from this transaction, the Saudi Arabia-based multilateral development bank said in a statement
In 2014, APICORP started its investment in NPS after teaming up with a consortium of regional investors to acquire 90% of the business.
“The sale of NPS marks another important milestone for APICORP. We are pleased to have played a significant role in financing the growth plans of NPS while providing strategic guidance to its well experienced management,” APICORP’s CEO Ahmed Ali Attiga said.
APICORP is a development bank, launched to boost and contribute to developing the Arab region’s gas and oil business.
