Sector News

Saudi Tasnee to pay 1.8 bln riyals to up stake in Cristal subsidiary

September 29, 2014
Energy & Chemical Value Chain
(Reuters) – Saudi Arabia’s National Industrialization Co (Tasnee) plans to pay 1.8 billion riyals ($480 million) to raise its majority stake in its Cristal subsidiary by a further 13 percent, the company said.
 
Tasnee has submitted an offer to the Gulf Investment Corporation to buy the additional stake in the firm which makes titanium dioxide, thus raising its overall holding to 79 percent, Tasnee said in a bourse statement late on Sunday.
 
The deal is expected to be completed in the fourth quarter, will be paid for in instalments and will be financed through Tasnee’s own cash reserves and a sharia-compliant Murabaha facility, it added.
 
Cristal is one of the world’s largest producers of titanium dioxide. Gulf Investment Corporation is an investment company jointly owned by the six nations of the Gulf Cooperation Council – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
 
(1 US dollar = 3.7509 Saudi riyal) (Reporting by Reem Shamseddine; Editing by David French)

comments closed

Related News

April 14, 2024

Nadja Håkansson appointed Chief Executive Officer of thyssenkrupp Uhde

Energy & Chemical Value Chain

The future CEO of thyssenkrupp Uhde, Nadja Håkansson, has held various management positions at Siemens and Siemens Energy and looks back on over 18 years of national and international experience in the areas of supply chain management, operations, sales and corporate management.

April 14, 2024

Neste and Lotte Chemical team up to scale renewable plastics from used cooking oil

Energy & Chemical Value Chain

Neste and South Korean company Lotte Chemical have partnered on a project to elevate the sustainability profile of chemicals and plastics. The partnership’s ambition is to replace fossil resources with renewable raw materials that offer a lower carbon footprint.

April 14, 2024

EU chemical industry confidence shows upward trend

Energy & Chemical Value Chain

At least the confidence in the chemical sector has been seeing an upward trend and the trade balance is recovering as destocking seems to be coming to an end. Citing projections from the European Central Bank, CEFIC states that the level of inflation is expected to fall from 5.4% in 2023 to 2.3% in 2024.

How can we help you?

We're easy to reach