MB Holding Company LLC

Oilfield Services : Exploration & Production : Mining & Minerals : Trading & Manufacturing : Investments

 
MB Holding Company LLC
 
 

Corporate Highlights

Our Mission
To be a worldwide player in providing integrated gas and oil well engineering services and to explore and produce oil, gas and mineral resources responsibly and cost effectively.

Our Vision
To achieve global eminence in the energy and mining industries and to be a partner of choice to all our stakeholders in our chosen areas of expertise.

Our Corporate Values
• Providing reliable quality services at a competitive price.
• Health, safety and environmental excellence in all our services.
• To be at the leading edge of technology.
• Continuous performance improvement.
• To sustain growth and corporate success.
• Respect values and expectations of all stakeholders.
• To provide opportunities for the growth and self development of all   our employees.

Our HSE Commitment
• We shall look after ourselves
• We shall look after the people around us
• We shall look after the environment around us

 
 
 
 

Corporate Structure of Investments
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                                               Investments
 
Investments

MB Holding manages its own investment portfolio comprising of equity, funds, hedge funds, structured products and other money market instruments in Oman as well as in international markets. Besides investments in its subsidiaries that are in the company’s core business, MB Holding has investments in other companies which compliment its core business. It also has invested in non-core business primarily for investment purposes. These investments are held either directly or through a special purpose vehicle.

MB Holding has begun investing in various international stock markets such as GCC, India, Japan, USA and Brazil. MB Overseas BVI Ltd. a 100% subsidiary of MB Holding, is a special purpose vehicle registered in British Virgin Island to facilitate investments in the international markets. MB Holding has established relationship with leading private equity banks that provide regular support and advice for international investments.

MB Holding owns 100% shareholding in United Engineering Services LLC (UES). US based Smith International manages UES through a technical services agreement. In UES, 53.75% shareholding is with Smith International. UES is a multidiscipline engineering and oil field service company and provides machining and fabrication of specialized equipment used in oil & drilling industry. UES employs about 300 people with 50% Omanization. UES essentially has three main business lines: drilling equipment and related services (DES), manufacturing and agency sales. MB Holding and Smith International have agreed in-principle whereby the DES and Smith’s proprietary activities will be spun off from UES into a separate joint venture company between Smith International and MB Holding. With this development, MB Holding will purchase 53.75% shares of UES from Smith International and have 100% ownership of UES. The sale purchase and other legal agreements for this transaction are in process and expected to complete by March, 2007. MB Holding plans to invest and expand manufacturing activity of UES and merge the agency business of Crest Oil & Gas with UES’ agency business.

In 2006, MB Holding increased its shareholding in Cameron Middle East Services (CSME) to 51%. Earlier it was 35.15% and indirectly held through UES. Now CSME has become a direct subsidiary of MB Holding. The US based Cooper Cameron International Corporation that holds rest of the 49% share of CSME manages CSME’s operations. CSME provides repairs and maintenance through its well-equipped workshop facilities in Oman for oil-well valves with the support from US based Cameron Ironwork. CSME employs about 60 people out of which 40% are Omanis.

In 2005, MB Holding made investment in Risk Management Services LLC Oman (RMS) and owns 33.3% shareholding in it. RMS is a leading insurance consulting and brokerage company in Oman and holds major share in the Oman market. The company is managed, under a technical agreement, by HSBC Insurance Broker Ltd. UK.

MB Holding is a founding shareholder in a new insurance company, Al Madina Gulf Insurance Co. SAOC, launched in Oman in 2005, with a 15% stake in the equity. The new entity commenced operations from September 2006 onwards. Al Madina Gulf Insurance is offers an entire range of insurance services in Oman including general insurance (motor, marine, fire, engineering, accidents, money, personal), medical insurance and life (Takaful) insurance. The company is operating under a technical agreement with Solidarity Insurance, Bahrain.

During 2006, MB Holding has increased its stake in Flexible Industrial Packaging Co. (FIPCO) from 34.6% to 45.6% thereby becoming the largest shareholder of the company. FIPCO is a publicly traded company in Muscat Securities Markets (MSM). It is engaged in lamination and printing of flexible packaging material. The company is planning for an expansion to double its capacity.

In addition, MB Holding holds minor stakes in other listed and non-listed companies such as Alliance Hosing Bank (5%), Oman Aviation (5%), Taageer Finance (3.3%), Transgulf, Al Madina Financials and Al Madina Real Estate.
 



 
 
 

 
MB Holding Company LLC