Reference to TASNEE previous announcement published on tadawul on 21.02.2017 about one of its subsidiary (Cristal) has entered into a conditioned transaction agreement to sell to Tronox Limited its domestic and international titanium dioxide (TiO2) business in consideration for cash amount of 6.274 billion Saudi Riyal and 37,580,000 of newly issued shares in Tronox (which represents approximately 24% of the shareholding in Tronox at closing), and to obtain the governmental and regulatory approvals inside and outside Saudi Arabia. TASNEE announces that Federal Trade Commission (FTC) issued an administrative complaint challenging Tronox proposed acquisition. Cristal and Tronox continue to believe the transaction is pro-competition and intend to investigate all options for bringing the proposed acquisition to a successful close.
Tasnee -which is owned 79% of Cristal- insuring that all operations are continuing as usual and that will not affect the company. Tasnee will announce any material development pertaining to the Transaction in due course