(MENAFN) Ras Al Khaimah Ceramics announced that its founding shareholder is to sell 30.6 percent of his stake in the firm to Samena Limestone Co, Arabian Business reported.
Ras Al Khaimah Ceramics said in a statement that Sheikh Saud bin Saqr al-Qasimi has agreed to sell 250 million shares in the company.
Members of the al-Qasimi family own at least 45 percent of RAK Ceramics and the family had been exploring selling shares in the company.
RAK Ceramics is one of the world's biggest makers of floor tiles and also a major producer of ceramic wall tiles and sanitary ware.
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