Muscat: According to sources working closely with the subject, Octal – Oman’s leading Plastics packaging firm is considering the sale of majority stakes, valued at $ 800 million.

The firm has facilities in Oman, Saudi Arabia and the US and ships its products to more than 75 countries, as stated on their website. Beginning in 2006, Octal produces Polyethylene Terephthalate (Compound used in food packaging).

The firm is working with JPMorgan Chase & Co and according to sources, the prospective sale has drawn considerable interest from entities in the US and Asia.  A representative for JPMorgan declined to comment, while a spokesperson for Octal couldn’t be reached for comment.