Riyadh – Mubasher: Saudi Steel Pipe Company’s fully-owned subsidiary, Titanium Steel and Manufacturing Co. entered into a definitive asset purchase agreement with Koch Chemical Technology Group Saudi Arabia to sell its main operating assets.

Titanium Steel will sell the assets for $9.7 million (SAR 36.3 million), which will be paid in cash on closing, according to a bourse disclosure on Thursday.

Saudi Steel Pipe said the transaction is expected to close within the third quarter (Q3) of 2021, subject to obtaining certain approvals, including that of the General Authority for Competition.

The listed firm has incurred net losses of SAR 34.5 million during 2020, compared with SAR 26.8 million in 2019.