Saudi Steel Pipe unit agrees to sell operating assets for SAR 36.3 mln

15/04/2021 Argaam

Saudi Steel Pipe Co.’s wholly owned subsidiary, Titanium Steel and Manufacturing Co. Ltd. inked a definitive asset purchase agreement with Koch Chemical Technology Group Saudi Arabia Limited to sell its core operating assets, according to a bourse filing.

 

The transaction is valued at $9.7 million, or SAR 36.3 million, which will be paid in cash on closing the deal.

 

The deal, which is subject to approvals, including of the General Authority for Competition, is expected to close in Q3 2021, the statement added.

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