Omani plastics firm Octal weighs $800m sale

Octal, an Omani plastics packaging manufacturer, is weighing a sale, according to people familiar with the matter.

The Muscat-based company is working with JPMorgan Chase & Co. as it considers selling a majority stake, the people said, asking not to be identified discussing confidential information. A sale could value Octal at about $800m, one of the people said.

Octal has already drawn interest from strategic suitors in Asia and the US, according to the people. A representative for JPMorgan declined to comment, while a spokesperson for Octal couldn’t be reached for comment.

Founded in 2006, Octal produces polyethylene terephthalate, a type of plastic used to package food and consumer products. The company has facilities in Oman, Saudi Arabia and the US and ships its products to more than 75 countries, according to its website.

A sale would add to the $96bn of deals targeting companies in the Middle East and Africa this year, according to data compiled by Bloomberg. That’s up more than threefold on the same period in 2020.