Tasnee’s affiliate enters into a JV to produce Titanium Sponge

National Industrialization Company (Tasnee) said that its affiliate, Cristal, the titanium dioxide producer signed a joint venture agreement with The Japanese Company, TOHO, to establish a Titanium Sponge plant.
 

The project will be 32.5% owned by Tasnee, 32.5% by Cristal and 35% by TOHO; the company said in a filing to Tadawul.

The project’s total cost is SAR 1.6bn of which 25% will be financed by the partners with the remaining amount to be financed by bank facilities and industrial development fund.

Tasnee added that it will finance its share from the company’s internal resources.

According to Argaam; National Industrialization Company (Tasnee) signed a joint venture agreement with The Japanese Company, TOHO, to establish a Titanium Sponge plant in January 2014.