Tasnee signs $428m agreement to increase stake in Cristal to 79%

By Kasia Patel
Published: Wednesday, 10 December 2014

Tasnee purchased 13% of Gulf Investment Corp.’s shares as part of a strategy to maximise the stakes in its subsidiaries. While TiO2 producer Cristal is looking towards vertical integration and increasing its operational capacity, the move is not expected to affect any of its current operations.

Saudi Arabia’s National Industrialization Co. (Tasnee) has signed a $428m agreement to increase its stake in titatnium dioxide (TiO2) producer Cristal Global by 13%.

Cristal confirmed to IM today that Gulf Investment Corp. (GIC) agreed to sell part of its shareholding in Cristal to Tasnee, taking Tasnee’s stake in...

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