Saudi Ceramic raises stake in Ceramic Pipes to 66.09%

23/07/2020 Argaam

 

Saudi Ceramic Co. increased its stake in Ceramic Pipes Co., a subsidiary, to 66.09%, the company said in a bourse statement.

 

The stake hike was financed through capitalizing provided loans and the payment of some dues for the subsidiary at a total of SAR 38.93 million.

 

The impact will be reflected on consolidated financials upon the completion of regulatory procedures, the statement added.

 

Saudi Ceramic currently owns a 61.12% stake in Ceramic Pipes’ capital of SAR 155 million, according to data compiled by Argaam.

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