Dubai: Dubai International Capital (DIC), the private equity arm of Dubai Holding, said it has completed the sale of Almatis, the world’s leading supplier of premium alumina for the refractory, ceramic and polishing industries to OYAK, Turkey’s largest private pension fund.

“With its strong understanding of Almatis’ customer needs, the market opportunities and challenges, OYAK is well placed to foster Almatis’ continuous development, pursuing its long-term strategy,” said Taco Gerbranda, Chief Executive Officer of Almatis.

The completion of this sale follows receipt of all relevant regulatory approval, the private equity firm said in a statement.