Saudi Steel Pipe Company Saudi Pipes has completed the previously announced transaction of the wholly owned company of Titanium and Steel Industries Ltd. with Saudi Arabia's Koch Chemical Technology Group to sell its major operating assets.
According to Arabiya Net, Saudi Pipes stated in a statement on Saudi Arabia's Tadawul that it completed the deal on September 30, 2021, after obtaining all the required approvals, including approval The General Authority for Competition.
The Saudi Steel Pipe Company (Saudi Pipes) had disclosed a contract with its wholly owned subsidiary, Titanium and Steel Industries Company Ltd., and an agreement with Saudi Arabia's Koch Chemical Technology Group Ltd. to purchase Titanium Industries' main operating assets.
Saudi Pipes said in a statement prior to the Saudi Tadawul that the deal price is $9.7 million, equivalent to 36.3 million riyals, to be paid in cash upon closing of the deal.
and expected that the deal, which is subject to some approvals, including approval by the General Authority for Competition, will close during the third quarter of 2021.
