Spanish technology firm Escribano Mechanical & Engineering (EM&E) has announced that it has repurchased a minority stake held in the company by Oman Investment Authority (OIA), the integrated sovereign wealth fund of the Sultanate of Oman.
The Madrid-based firm, a leading technology provider for the international aerospace, defence and security sectors, said the reacquisition of the 32.2 per cent stake held by the Omani sovereign wealth fund fulfills its vision to become a 100 per cent private, Spanish-owned business.
EM&E specialises in providing integral solutions in engineering, high-precision machining and production of complex optical communications systems, in addition to electronics, stabilisation and control systems.
The State General Reserve Fund (SGRF), as the Oman Investment Authority was known then, acquired the 32.2 per cent stake in the family-owned Escribano M&E in 2016 – a move that helped spur the growth of the Spanish firm in niche markets within and outside Spain. With the repurchase of OIA’s stake, all 100 per cent of the company’s capital passes into the hands of its President and CEO.
Since its restructuring and transformation by Royal Decree in June 2020, Oman Investment Authority has been playing a major role in, among other things, spearheading the country’s post-pandemic economic recovery and supporting the government’s fiscal sustainability strategy. Its primary mandate is to achieve the best possible returns on investments made locally and internationally in line with the government’s strategy to diversify the economy and open up new income streams for the state.
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