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FINANCIAL NEWS
UAE’s RAK Ceramics Bangladesh unit to sell division
29 Dec 2014
(MENAFN) UAE’s RAK Ceramics, the world’s largest ceramics manufacturer, announced that its subsidy in Bangladesh is planning to sell RAK Pharma, its pharmaceutical interest, as the company proceeds in its plan to offload its asset to focus more on its core business of ceramics production, Emirates 24/7 reported.
RAK Ceramics said that its Bangladesh unit currently has a 55 percent stake in RAK Pharma, with expectations that that company will sell its entire stock of RAK Pharma shares, while the other shares will be sold by minority shareholders, with the entire sale estimated to be valued at USD9.5 million.
“The decision to sell RAK Pharma was taken for two reasons. Firstly, our strategy is to focus on our core activities; tiles, sanitary ware, taps and faucets and tableware. In addition, RAK Pharma is currently a loss-making division so it makes good business sense to sell it at this time,” CEO, RAK Ceramics said.
The RAK Ceramics also said that the Bangladesh unit is planning to increase its capacity of tiles and sanitary ware production in Bangladesh and that the expansion is already underway, and is scheduled to be done in 2015.
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