Riyadh – Mubasher: National Industrialization Company (Tasnee) on Monday announced that its 22nd Ordinary General Assembly Meeting (OGM) approved an agreement with TRONOX Limited, an Australian public joint stock company listed on the New York Stock Exchange, to purchase the Titanium Dioxide business and assets of the National Titanium Dioxide Company Limited (Cristal).

The total value of the deal amounts to SAR 6.27 billion, including the issuance of 37.58 million new shares of Class A for Cristal, which TASNEE holds already 79% of its shares, in TRONOX Company, which represent 24% of the TRONOX Company’s capital after consummation of the deal, according to a press release.

The OGM, held on 31 December 2017, also approved updating the regulations of the Remuneration and Nominations Committee, as well as the regulations of the Board of Directors’ membership policy, criteria and procedures, the company added.