|12-08-2014, 11:05 AM||#1|
Saudi`s Tasnee completes deal to raise stake in Cristal
Saudi Arabia’s Tasnee (National Industrialization Co) completed a 1.8 billion riyal deal to raise stake in Cristal; one of the world`s largest producers of titanium dioxide.
Tasnee is a major petrochemical firm and Saudi’s second-largest industrial firm, producing chemicals, plastics, and industrial service. The deal with Cristal is strategic for the company to uphold its expansionary plans.
The deal to purchase the stake from Gulf Investment Corp. will allow Tasnee to continue on maximizing its stakes in its subsidiaries and by 13 percentage points within this transaction in particularly.
The impact of the recent stake raise will start to show within Tasnee`s financial statements of the coming first quarter of 2015 according to the statement issued Sunday.
The deal will be covered in installments over four months since the transaction started three days ago on December 4 to Gulf Investments Corp.
In the Saudi market today at 8:46 GMT, Tasnee (National Industrialization Co) shares plunged slightly by 0.27% or 0.07 points to 26.20.
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