Alhagbani Law Firm advises Tenaris KSA on buying stake in Saudi Steel Pipe
Riyadh-based Abuhimed Alsheikh Alhagbani Law Firm (AS&H), in cooperation with UK law firm Clifford Chance, is advising Tenaris KSA on acquiring a 47.79 percent stake in Saudi Steel Pipe Co. (SSP) for approximately $144 million.
The deal, which is subject to regulatory approvals and other customary conditions, is likely to be finalized in Q1 2019, the law firm said in a statement on Sunday.
In September, New York-listed Tenaris announced entering into a definitive agreement to acquire from a private group 47.79 percent of SSP.
Tenaris, a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications, has been committed to Saudi Arabia’s oil and gas industry, serving Saudi Aramco for decades.
SSP's facilities operate with a manufacturing capacity of 360,000 tons per year.
The company serves energy, industrial and commercial segments. It is qualified to supply products with major national oil companies in the region, including state-owned Saudi Aramco.
AS&H in cooperation with Clifford Chance has recently advised Bank Aljazira on a SAR 3 billion capital hike through a rights issue and is advising on the capital increase by NADEC to acquire Al Safi Danone Co., the statement added.