Saudi Steel Pipe says Tenaris had no company stakes before acquisition

Saudi Steel Pipe Co. (SSP) said in a bourse filing that Tenaris Saudi Arabia Co. Ltd. (Tenaris) had no stakes in the company before the date of the acquisition deal.

Tenaris now owns a 47.79 percent stake in SSP.

“Tenaris cannot dispose of the acquired shares during the six-month period following the acquisition date,” the statement added.

On Monday, SSP said Tenaris Saudi Arabia successfully completed the proposed acquisition of 47.79 percent stake from Rabiah & Nassar Group and other shareholders through a private transaction, Argaam reported.