Omani-based steel tube and pipe manufacturer Al Jazeera Steel Products has approved the establishment of two subsidiaries in the United States, according to a regulatory filing to the Muscat Stock Exchange (MSX).
The announcement was disclosed by the company in a recent MSX filing, citing a board decision to establish the subsidiaries within six months. The United States is described as one of the company's leading global export destinations.
Corporate structure and capital details
According to the company, the planned structure will consist of:
- A US holding company, incorporated as a corporation wholly owned by Al Jazeera Steel Products Co SAOG, with a capital of $2 million
- An operating company, incorporated as a corporation with LLC, a wholly owned US holding company, with capital of $1.5 million
“The proposed structure is intended to support the Company's international operations and business activities in the United States,” the company said in a statement.
The total initial capital committed to the two entities is $3.5 million.
Al Jazeera Steel said in its regulatory disclosure that the move is intended to strengthen its long-term international presence, especially in the US market, where the company already sells a significant part of its products. By creating wholly owned
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