Riyadh – Mubasher: National Industrialization Company (Tasnee) said that it will pay the total debts of SAR 6.3 billion of its subsidiary titanium dioxide business Cristal after selling its assets to chemical company Tronox Ltd (TROX.N).
Cristal debts are owed to eight local banks, including HSBC Holdings, Banque Saudi Fransi, Riyad Bank, and Alawwal Bank, Tasnee CEO Mutlaq Al-Morished told Al Arabiya TV.
On Tuesday, Tasnee's Cristal announced signing a SAR 6.27 billion agreement to sell the company's assets inside and outside the Kingdom.
"We have reached this agreement through a comprehensive evaluation of the entire assets of Cristal. We preferred to get just the equivalence of the value of the Cristal's debt while the remaining value of the deal will be transferred into shares," Al-Morished added.
