Dubai International Capital completes sale of Almatis to OYAK

Dubai: Dubai International Capital (DIC), the private equity arm of Dubai Holding, on Tuesday said it has completed the sale of Almatis (the Group), the world’s leading supplier of premium alumina for the refractory, ceramic and polishing industries to OYAK, Turkey’s largest private pension fund. The completion of this sale follows receipt of all relevant regulatory approvals.

Taco Gerbranda, Chief Executive Officer of Almatis, said: “We are grateful to DIC for their support and the strong partnership that we formed during their ownership period. This partnership was critical in allowing us to undertake very ambitious strategic steps that ensured the longer term stability of our company by extending our global presence, increasing capacity and becoming vertically integrated, with the single objective to better serve our customers.