RIYADH: Saudi Astra Industrial group’s Al Tanmiya Steel will sell its entire stake in Al Anmaa for Construction Materials Production at a value of SR731 million ($195 million).
The sales agreement was signed with Alghad Almutkamel for General Trading and Iron and Steel Metallic Industries on Feb. 7, according to a bourse statement.
As per the deal, the Jordanian steel manufacturer will exit its investment in Al Anmaa upon settling all loans pertaining to the company.
The transaction is also subject to obtaining the necessary regulatory approvals in Iraq, where Al Anmaa owns and operates steel plants.
Al Tanmiya, in which Astra Industrial Group holds a 51 percent stake, will use the proceeds to aid funding of the company’s operations and growth plans, the statement revealed.