Tubacex (ES:TUB) has released an update.
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Tubacex has finalized a $200 million deal with Mubadala Investment Company, granting Mubadala a 49% stake in Tubacex’s Oil Country Tubular Goods (OCTG) business. This strategic partnership is set to bolster Tubacex’s growth, particularly in its Low Carbon sector, and aligns with the UAE’s ‘Make it in the Emirates’ initiative. The collaboration supports Tubacex’s goal of reducing its leverage ratio and expanding its presence in the global OCTG market.
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