News Column

Gulf funds invest in RAK Ceramics

June 30, 2014

SAMENA CAPITAL and a group of international investors including two Gulf sovereign wealth funds have completed the purchase of a 30.6 per cent stake in Ras al Khaimah Ceramics, the investment firm said in a statement.

The fund, acting through Cayman Islands-registered subsidiary Samena Limestone Holdings, will have two seats on the board of one of the world's biggest makers of floor tiles following the acquisition.

The statement didn't name the other investors in the consortium. But in a separate bourse filing, RAK Ceramics said it had amended its rules so citizens of GCC states were treated as equivalent to UAE shareholders - suggesting the investors come from outside the UAE.

Samena's statement also didn't disclose the purchase price. When the deal was ratified in April, if it was at market price, it would have valued the whole company at around $852 million.

However, in granting regulatory approval last month, the UAE's Securities and Commodities Authority granted a waiver to the deal because the offer price was outside the range permitted - 25 per cent above or below the closing price on the day before the bid was made. The shares were bought from Ras al Khaima ruling family member Sheikh Saud bin Saqr al Qasimi, who will maintain a 'significant' holding in the business.

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Source: Gulf, The (Bahrain)

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