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FINANCIAL NEWS
Saudi’s Tasnee to invest USD480m in Cristal Subsidiary
30 Sep 2014
(MENAFN) Saudi Arabia’s National Industrialization Co. (Tasnee) announced it is planning to invest USS$480 million in order to raise its majority stake in The Cristal subsidiary factory, which is one of the world’s largest producers of titanium dioxide, by a further 13 percent, Arab News reported.
Tasnee has submitted an offer to the Gulf Investment Corporation, which is jointly owned by the six nations of the Gulf Cooperation Council, to buy the additional stake in the firm and raising its overall holding to 79 percent in the company.
The deal is expected to be completed in the October-December period of this year and will be paid for in installments.
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