RAK Ceramics divests stake in Electro RAK

Abu Dhabi – Mubasher: RAK Ceramics has exited its stakes in the companies of Electro RAK Group for AED 45 million, according to a bourse statement.

The Abu Dhabi-listed company has sold its stakes of 51.08%, 50%, and 10% in Electro RAK, Emirates Heavy Engineering, and Encom Trading, respectively.

The sale transaction is part of the Ras Al Khaimah-based company’s value creation plan, and does not have any material impact on its share price.

Mubasher Contribution Time: 22-Feb-2017 07:24 (GMT)
Mubasher Last Update Time: 22-Feb-2017 07:56 (GMT)