UAE


Medserv Acquires METS

Malta-based Medserv has announced that it has today completed the acquisition of Middle East Tubular Services (METS), a group of companies based in the UAE, Oman and Iraq.

Established in 2006 in Sharjah, UAE, METS has grown rapidly becoming a market leader due to its position as the only one-stop-shop for oil country tubular goods – or OCTG, according to a statement from the company

Medserv has acquired the entire issued share capital METS Holdco that in turn holds the entire issued share capital of METS UAE and METS Oman. In the case of METS Iraq, the Company announces that it has amended the terms of the SPA such that METS Holdco holds 90% of METS Iraq (rather than 100%).  The remaining 10% will continue to be held by Jarrett Asset Holdings Corporation, a founding member of the METS operation in Basra, Iraq.

It was originally anticipated that the Sellers would procure the transfer of Jarrett’s shares in METS Iraq to METS Holdco. After discussions held in Dubai over the last couple of days, the parties agreed that Jarrett will continue to hold its 10% shareholding in METS Iraq. As a result, the purchase consideration of METS Holdco has been reduced from USD46,000,000 to USD45,000,000. The Company amended the terms of the SPA in order to cater for this and did so after having considered the best interests of the Medserv group of companies.

The Company however does not consider this variation to the transaction as whole to be significant or material, within the meaning of the Listing Rules. Paul Hayward, founder of the METS Group will remain on as Chairman of the METS Group of Companies, whilst Gareth McMurray will retain his position as Regional Manager of the Companies in order to ensure the continued growth and success of the METS Group in the Middle East.

Anthony Diacono, Chairman of Medserv, said:

We are excited about the prospects that this acquisition brings to the table. Besides the strong presence in the Middle East which is in line with our strategy for geographic diversification, the synergies between the two groups of companies provides both METS and Medserv with an opportunity to grow and cross sell to their respective markets.

“The news has already been incredibly well received by our respective clients and we are already seeing the potential of the synergies come into play.”

(Source: Medserv Energy)

Medserv Acquires METS

Malta-based Medserv has announced that it has today completed the acquisition of Middle East Tubular Services (METS), a group of companies based in the UAE, Oman and Iraq.

Established in 2006 in Sharjah, UAE, METS has grown rapidly becoming a market leader due to its position as the only one-stop-shop for oil country tubular goods – or OCTG, according to a statement from the company

Medserv has acquired the entire issued share capital METS Holdco that in turn holds the entire issued share capital of METS UAE and METS Oman. In the case of METS Iraq, the Company announces that it has amended the terms of the SPA such that METS Holdco holds 90% of METS Iraq (rather than 100%).  The remaining 10% will continue to be held by Jarrett Asset Holdings Corporation, a founding member of the METS operation in Basra, Iraq.

It was originally anticipated that the Sellers would procure the transfer of Jarrett’s shares in METS Iraq to METS Holdco. After discussions held in Dubai over the last couple of days, the parties agreed that Jarrett will continue to hold its 10% shareholding in METS Iraq. As a result, the purchase consideration of METS Holdco has been reduced from USD46,000,000 to USD45,000,000. The Company amended the terms of the SPA in order to cater for this and did so after having considered the best interests of the Medserv group of companies.

The Company however does not consider this variation to the transaction as whole to be significant or material, within the meaning of the Listing Rules. Paul Hayward, founder of the METS Group will remain on as Chairman of the METS Group of Companies, whilst Gareth McMurray will retain his position as Regional Manager of the Companies in order to ensure the continued growth and success of the METS Group in the Middle East.

Anthony Diacono, Chairman of Medserv, said:

We are excited about the prospects that this acquisition brings to the table. Besides the strong presence in the Middle East which is in line with our strategy for geographic diversification, the synergies between the two groups of companies provides both METS and Medserv with an opportunity to grow and cross sell to their respective markets.

“The news has already been incredibly well received by our respective clients and we are already seeing the potential of the synergies come into play.”

(Source: Medserv Energy)

FlyBaghdad has eyes on Dubai, then Europe

Iraq’s youngest airline, FlyBaghdad, is in talks to start flying to Dubai and plans to launch European routes in early 2016, according to a report from Gulf News.

The airline’s Regional Commercial Manager, Mohammad Abdali, told the news agency that the Iraqi-owned airline started domestic flights to Erbil, Sulaymaniyah, Najaf and Basra from its hub at Baghdad International Airport in July, and also flies to Istanbul in Turkey, Tbilisi in Georgia, Kuwait and Bahrain.

The company will start flights to the Iranian cities of Tehran, Isfahan and Mashhad on October 16, and is also planning on flying to Jeddah in Saudi Arabia, Abdali said.

London, Stockholm and Dusseldorf are potential future destinations.

It expects to break even in its first year of operation.

(Source: GulfNews.com)

Iraqi Airways Banned from EU, Aerovista Provides Support

By John Lee.

UAE-based Aerovista announced on Thursday that it is providing its A320-200 (SX-BDS) aircraft on an ACMI basis (i.e. aircraft, complete crew, maintenance, and insurance) to Iraqi Airways.

By partnering with Aerovista,” the company said, “Iraqi Airways are able to provide services to Europe by using an EASA approved carrier with European crew. Iraqi Airways will continue to connect Iraq with the Middle East, Africa, Europe and Asia with ACMI support from Aerovista“.

Iraqi Airways was recently banned from the European Union and four other European nations following a series of alleged safety lapses and inability to provide documentation to the European Aviation Safety Agency (EASA), according to a report from Air Transport World.

(Sources: Aerovista, Air Transport World)

Kurdistan Imports Less Gold

By John Lee.

The Kurdistan Region of Iraq has imported 26 tons of gold in the first six months of the year, a reduction on the same period last year.

According to a report from Shafaaq News, 16.7 tons were imported through Sulaymaniyah International Airport, 8.2 tons through Erbil International Airport, and 1 ton through Dohuk.

The gold was mainly imported from UAE and Turkey.

(Source: Shafaaq News)

Kurdistan Imports Less Gold

By John Lee.

The Kurdistan Region of Iraq has imported 26 tons of gold in the first six months of the year, a reduction on the same period last year.

According to a report from Shafaaq News, 16.7 tons were imported through Sulaymaniyah International Airport, 8.2 tons through Erbil International Airport, and 1 ton through Dohuk.

The gold was mainly imported from UAE and Turkey.

(Source: Shafaaq News)