United Mining says Knauf completes 63.2% stake acquisition 

Logo of United Mining Industries Co.

United Mining Industries Co. said Knauf International GmbH confirmed the completion of a private transaction to acquire the entire stake of the company’s major shareholders.

The deal involved the purchase of 8.9 million ordinary shares, representing 63.2% of the company’s total capital, for SAR 504.5 million.

In a statement on Tadawul, the Saudi-listed firm said the transaction fulfilled all regulatory requirements and obtained necessary approvals.

In January, United Mining received notices from its major shareholders—who collectively own 63.2% of the capital—confirming the share purchase agreement (SPA) with Knauf to sell their entire stake, Argaam earlier reported.

It was also stated that the buyer intended, following completion of the transaction, to submit a takeover offer to acquire up to 100% of the company’s shares.

Three negotiated deals were executed on United Mining shares totaling 8.9 million shares, with a value of SAR 504.5 million. These transactions represented 63.2% of the company’s total of 14 million outstanding shares.