1 min read.Updated: 16 Jul 2014, 07:06 PM ISTZahra Khan
The investment group acquired 250 million shares of the ceramic maker and will be represented on its board
Investment firm Samena Capital on Wednesday said it has acquired 250 million shares of RAK Ceramics PSC, representing a 30.6% stake in the world’s biggest maker of ceramic tiles.
Under the terms of the transaction, Samena Capital will be represented on the board of RAK Ceramics, and the two companies will work together to use private equity strategies to unlock new growth opportunities, Samena Capital said in a press release.
Abu Dhabi-listed RAK’s main products are ceramic tiles, sanitaryware and tableware, supplied to more than 160 countries, with annual revenue of around $1 billion (about ₹ 6,000 crore).
Sheikh Mohammed Bin Saud Al Qasimi, chairman of RAK Ceramics, said, “Samena Capital brings a value-added network in our core markets as well as international private equity expertise and business and financial capabilities to our company. We believe that this will add immense value to the organization by sharpening our company’s long-term business strategy, driving further growth and improving our overall productivity."
Shirish Saraf, founder and vice-chairman, Samena Capital, said, “RAK Ceramics stands apart as a home-grown brand that has become a dominant global player within its industry and is a true success of private entrepreneurship from the Arab world."
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