Saudi Steel Pipe subsidiary closes transaction to sell operating assets

Logo of Saudi Steel Pipe

Saudi Steel Pipe Co. announced, on Oct. 3, the closing of the transaction entered into by its wholly-owned subsidiary, Titanium Steel & Manufacturing Co. Ltd., to sell its main operating assets to Koch Chemical Technology Group Saudi Arabia Ltd.

In a statement to Tadawul, Saudi Steel Pipe said the closing took place on Sept. 30 after all required approvals, including from the General Authority for Competition, were obtained.

In April, Saudi Steel Pipe announced that Titanium Steel & Manufacturing had inked a definitive asset purchase agreement with Koch Chemical Technology to sell its core operating assets.

The transaction was valued at $9.7 million, or SAR 36.3 million, which was to be paid in cash on closing the deal, Argaam earlier reported.

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