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)

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