Amiantit to buy partner’s stakes in two units for SAR 1.9 mln

Saudi Arabia Amiantit Co. has signed a purchase agreement with the US-based group NOV to acquire the latter’s minority shares in Ameron Saudi Arabia Ltd. (ASAL) and Saudi Arabia Concrete Products Ltd. (SACOP) for a total value of $500,000 (SAR 1.9 million).

After acquiring the 30.3 percent stake from ASAL and the 41.2 percent stake from SACOP, Amiantit will become the sole owner of both companies.

Amiantit will make the payment, which will be self-financed, upon finalization of the legal formalities which is expected to be completed within the next 40 days, the Saudi company said in a bourse statement.

The agreement comes after NOV’s strategic shift from concrete pipes segment to glass reinforced epoxy pipes.

NOV will continue to hold a 40 percent stake in Bondstrand Ltd.