CEO: Tasnee’s bid to Cristal includes SAR 600 mln cash

29/09/2014 Argaam

Saleh Al-Nozha, CEO of National Industrialization Company (Tasnee), said his company’s SAR 1.8 billion bid to buy an extra stake in titanium dioxide producer Cristal will include SAR 600 million cash.

The remaining portion of the price (SAR 1.2 billion) will be borrowed from banks on Sharia-compliant basis, Al-Nozha told CNBC TV.

Tasnee submitted an offer to Cristal’s founding shareholder Gulf Investment Corporation to buy and add an extra 13 percent stake to its current 66 percent shareholding.

Tasnee expected the deal to be complete in the fourth quarter

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