DUBAI: Ras Al Khaimah Ceramics said yesterday that its founding shareholder had agreed to sell 30.6 percent of his stake in the company to Samena Limestone Co, a company incorporated under the laws of the Cayman Islands.
Sheikh Saud bin Saqr Al Qasimi, a member of the ruling family of Ras Al Khaimah has agreed to sell 250 million shares in the company, RAK Ceramics said in a bourse statement.
The ruling family had been exploring a sale of shares in RAK Ceramics. The sale still needs UAE regulatory approvals.
Members of the Al Qasimi family own at least 45 percent of RAK Ceramics, one of the world’s biggest makers of floor tiles and also a major producer of ceramic wall tiles and sanitary ware.
RAK Ceramics did not reveal a selling price for the stake, or about Samena. Reuters
