AMIANTIT’S SUBSIDIARY BUYS MINORITY STAKE IN FIBERGLASS FIRM

04/02/2013 Tadawul

Saudi Arabian Amiantit Company announced that its 99% owned Amiantit Fiberglass Industries Limited signed on February 3, 2013 a contract to buy the minority shareholders’ stake in Fiberglass Pipe Company, amounting to 49% of company’s capital.

The deal’s value is SAR 6.4 million and will be paid on the signing of the ownership transfer documents.

The company will be 51% owned by Saudi Arabian Amiantit Company and 49% by Amiantit Fiberglass Industries Limited. Regulatory procedures will be pursued.

The deal reflects the company’s will to own its fiberglass pipe operations. Its financial effect is expected in 2013 and onward.

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