Tasnee to increase stake in Cristal to 79%

By Kasia Patel
Published: Thursday, 02 October 2014

The Saudi-based company has submitted an offer to Gulf Investment for $479m, which it plans to fund through its own cash reserves. It has already entered into a JV with Cristal for titanium sponge production to encourage vertical integration in the company.

Saudi Arabia-based National Industrialization Co. (Tasnee) is looking to increase its stake in titanium dioxide (TiO2) producer Cristal Global by an additional 13%.

The company submitted an offer to Gulf Investment Corp. to buy the additional stake for Saudi riyal (SR) 1.8bn ($479m*), which would bring its total holding to...

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