Oman-based IT solutions company Genesis International has sold 60 per cent of its business for $3m, the company announced in a statement.
The stake was sold to interior fit-out firm Muscat Glow, with the financial injection helping to fund an $8m project to manufacture laboratory, industrial, educational and commercial instruments, as well as expansion across the GCC.
Genesis International founder, Qais Al Khonji, said: “Since its inception in 2011, Genesis International has played a key role in the IT solutions of Oman and is currently implementing a Smart City concept in Muscat.
“Now we will be able to further enhance our company’s abilities to better several industries as innovative leaders while strengthening the company’s financial structure and leadership position.
“Our underlying business remains strong and the company’s operation is in good hands and we all look forward to a positive transition into a promising future for Genesis International.”
Al Khonji, a prominent Omani entrepreneur, remains as a significant stakeholder of the company.
Genesis’ core business involves setting up labs for educational, commercial and industrial use, and the company has generated close to $20m of revenue.