United Mining gets GAC nod on SPA with Knauf International GmbH

Logo of United Mining Industries Co.

United Mining Industries Co. received, on March 10, the non-objection certificate from the General Authority for Competition (GAC) regarding the economic concentration transaction between the company and Knauf International GmbH.

The completion of the private transaction remains subject to certain conditions and regulatory requirements that need to be satisfied, including obtaining the necessary regulatory approvals and non-objections on the private transaction, as well as third party consents, it added.

The company also said it will take the necessary actions and will keep its shareholders informed of any material developments in this regard.

Any further announcements will be made in accordance with the applicable regulatory requirements, it noted.

According to data available with Argaam, United Mining said, on January 22, its substantial shareholders, who own 63.2% of the company, signed a share purchase agreement to sell their entire stake to Knauf International GmbH. Under the terms of the agreement, the major shareholders will sell all of their shares, totaling 8.9 million, for SAR 504.5 million, or SAR 57 per share.