Saudi Steel Pipe Co.’s wholly owned subsidiary, Titanium Steel and Manufacturing Co. Ltd. inked a definitive asset purchase agreement with Koch Chemical Technology Group Saudi Arabia Limited to sell its core operating assets, according to a bourse filing.
The transaction is valued at $9.7 million, or SAR 36.3 million, which will be paid in cash on closing the deal.
The deal, which is subject to approvals, including of the General Authority for Competition, is expected to close in Q3 2021, the statement added.
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