RIYADH, 27 February 2007 — Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, announced that Engineer Talal Al-Maiman, executive director of Local Investments and Development, is named board member of the National Industrialization Company (Tasnee), in which Alwaleed is a majority share holder. “I am delighted to have become a member of the Tasnee board during this very exciting and prosperous time of such a great company,” Al-Maiman said.
Tasnee has a 66 percent majority share in the National Company for Titanium Dioxide Limited (Cristal), the biggest producer of titanium dioxide (TiO2) in the region, which has now entered a $1.2 billion acquisition of Lyondell inorganic chemicals business. Lyondell is the second largest producer of titanium dioxide in the world. Lyondell also has 8 factories in Europe, the Americas and Australia. It also produces plastics and other products.
Cristal is a global producer of titanium dioxide exporting to more than 70 countries. After the latest acquisition, it is expected to become one of the largest producers of titanium dioxide in the world.
Two-thirds of the $1.2 billion acquisition deal will be financed through direct loan by the company which will be purchased without any guarantee by Cristal or its partners. The majority of the remaining amount will be financed by Cristal and partially financed by Cristal owners.
