Saudi Steel Pipe completes takeover of TSM Arabia

19/04/2017 Argaam

Saudi Steel Pipe Co. (SSP) has completed the acquisition of a 30 percent stake in its joint venture, Titanium & Steel Manufacturing (TSM Arabia), from its South Korean partner TSM Tech Co., the company said in a statement to Tadawul.

 

Accordingly, SSP increased its ownership in the titanium producer to 100 percent.

 

Meanwhile, the ten-year technical support agreement with TSM Tech will remain valid until the end of 2020.

 

The steel pipe manufacturer added that it expects the financial impact from the acquisition to reflect on Q2-2017 financial results.

 

Argaam earlier reported that decision was prompted by the joint venture’s losses, as well as financial difficulties faced by TSM Tech.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.