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RAK Ceramics to exit Sudan stake, expand UAE capacity

RAK Ceramics to exit Sudan stake, expand UAE capacity
RAK Ceramics
RAKCEC
-0.73% 2.73 -0.02

 

Abu Dhabi – Mubasher: RAK Ceramics has announced entering into an initial agreement to sell its shares in RAK Ceramics Sudanese Investment Company.

This initial agreement is subject to regulatory and other approvals, the Company said in its filing to the Abu Dhabi Securities Exchange (ADX), adding that it expects the sale agreement to be concluded by March 31, 2015.

The Company expects to receive its entire proceeds following the completion of the proposed sale and upon the disposal of the shares. Furthermore, it has received initial non-refundable cash deposit from the prospective buyers.

It is worth noting that upon the completion of this sale, RAK Ceramics will have exited its Sudan business entirely.

RAK Ceramics also announced that it has concluded agreements to increase its sanitary ware capacity in the UAE by an additional 500,000 pieces per year.