Media ININ Economy We Trust
Media IN Manama, 28th-06-2019 BNA
Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of the Kingdom of Bahrain, has acquired a significant minority equity stake in Premo Group (Premo), a leading manufacturer of customised passive electromagnetic components for applications in automotive, telecommunications and electronics industries, amongst others.
Premo was established in 1962 with headquarters in Malaga, Spain, from which the company oversees its international manufacturing facilities in China, Vietnam and Morocco and its 1,400 employees.
Premo applies its expertise in the development and application of innovative magnetics solutions throughout the value chain, from research and development (R&D) and design to industrial manufacturing.
Its significant commitment to innovation includes R&D centres located in Spain, France, South Korea, China and the United States of America while its regional representatives can be found in over 35 countries worldwide.
The investment provides significant long-term backing for Premo’s ambitious global expansion plans as the group seeks to capitalise on its leading position in its strategic market segments, including the supply of inductive components for electrified vehicles (EV/HEVs) and motion-tracking technology for other growing markets such as augmented/virtual reality (AR/VR).
Premo is well positioned to benefit from these strong market trends and its expertise is sought in the adoption of its technology across a broad range of applications
The investment marks Mumtalakat’s second investment in Spain. With real annual GDP growth of 2.5%, Spain is ranked 30 out of the 189 countries in the World Bank Doing Business Index.
