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Samena may buy RAK Ceramics stake  Join our daily free Newsletter

MENAFN - Khaleej Times - 24/03/2014
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(MENAFN -Khaleej Times) samena capital an investment firm managing about 700 million is in talks to buy as much as 50 per cent of rak ceramics the world?s biggest maker of ceramic tiles according to two people familiar with the matter

Samena is in discussions to buy a 25 per cent to 50 per cent stake the people said asking not to be identified as the talks are private. samena which focuses on investments in emerging markets with offices in london dubai and hong kong is holding talks without a financial adviser and there is no certainty a deal may be reached the people said.


Rak ceramics said on march 9 it hired barclays and bnp paribas to explore “a range of strategic alternatives and transactions”. the company exports to more than 150 countries according to information on its website.


Merger and acquisition activity in the middle east is picking up as financial markets improve and companies seek regional expansion. abu dhabi national energy co said on march 2 the company and its partners will pay 1.6 billion in cash and assumed debt to buy two hydroelectric power plants in india while emirates telecommunications corporation or etisalat is in the process of completing its acquisition of vivendi’s controlling stake in maroc telecom for about €4.2 billion (5.7 billion).


Shirish saraf samena’s co-founder and chief executive officer declined to comment. rak ceramics said it hasn’t got any “intimation” from shareholders of an ownership change.


Rak ceramics’ profit last year climbed 27 per cent to 282 million dirhams the biggest jump in full-year profit since 2009. the shares almost tripled in 2013 and have jumped 25 per cent in abu dhabi this year giving the company a market value of dh2.93 billion (797 million).

 
 


Khaleej Times




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