Ala Al Khawaja’s AMK Capital Investment buys share capital of French construction engineering, design and project management group
Oger International, the French construction engineering, design and project management group, and the subsidiary of Saudi Oger, has announced that it has been acquired by Ala Al Khawaja, a Jordanian investor, through his French company, AMK Capital Investment.
In a statement, the company said that the agreement overlaps with the termination of a job protection program, as well as the end of the business protection processes supported by the Bobigny Court.
“A new chapter in our history can now be written, a more serene chapter, one that is future-oriented and is full of new challenges of the sort we love at Oger International,” remarked Omar Joseph Baroud, the chairman and CEO of Oger International.
“The know-how and in-depth expertise that have made our reputation for 40 years will find more diversified and more stable ields of application. The French and European markets once again become our priority, but we continue to fly the French flag in the Middle East and Africa, where we still successfully develop numerous opportunities,” stated Baroud.
Since 2016, due to the default of its largest client in the Middle East, Oger International has been involved in a process of reorganisation under a protective regime (debt freeze for 18 months), said Baroud, with the objective of addressing its temporary cash flow difficulties and reorganising the company.
The new shareholder is regarded as a top Jordanian investor active in a wide variety of sectors in Europe, the Middle East, North Africa and the US. He is the main shareholder or holds stakes in businesses operating in the banking, telecommunications, cinema and hospitality industries.
At present, Al Khawaja is diversifying his investments in the construction field, the Oger International CEO said. He added that Al Khawaja participated in the restructuring of Oger’s debt and acquired the shares constituting the company’s share capital, while fully adhering to the 2019-2021 strategic development plan led by the company’s management.
The new shareholder undertakes to support Oger International’s business and development, Baroud added.