UAE’s RAK Ceramics fully acquires Germany, UK units

01/02/2016 Argaam

RAK Ceramics, one of the world's largest makers of ceramic ware, has acquired the remaining 50 percent stake in its Germany-based subsidiary, RAK Ceramics GmbH, the company said in a bourse statement on Monday.

 

It also bought a further 50 percent equity stake in its subsidiary in England, RAK Ceramics UK, and accordingly, both European subsidiaries became wholly owned by the Abu Dhabi-listed ceramic maker.

 

Last August, RAK Ceramics said it had acquired the 20 percent minority share of RAK Iran making it a wholly-owned subsidiary of RAK Ceramics.

 

In October it said it acquired the remaining 8 percent minority share of its subsidiary, RAK India and so fully owned its Indian operations.

 

The ceramics maker sold off the loss-making unit in Sudan and has closed its manufacturing operations in China earlier in 2015, as it closely pursued a policy of dispensing its non-core assets to boost profits.

 

In another string of sell-offs, RAK Ceramics divested its share in the adhesives firm, RAK Laticrete, while it exited from RAK Pharmaceuticals in Bangladesh in 2014.

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