Tasnee sukuk holders waive obligations from SAR 2 bln on Cristal sale

National Industrialization Co.’s (Tasnee) sukuk holders approved on Wednesday waiving any obligation arising on commitments of the terms regulating the company’s sukuk due to the sale of Cristal to Tronox Limited.

The company had earlier issued SAR 2 billion worth of sukuk, maturing in 2019, Tasnee said in a bourse statement.

In February, Cristal entered into an agreement to sell domestic, international titanium dioxide business to Tronox for a total value of $1.673 billion cash and 37.6 million of newly issued class A shares in Tronox.