Tanmia acquires 19% stake in Oman’s Al Rimal Mining from Tata Steel

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Oman National Investments Development Company SAOC (Tanmia), a wholly-government owned enterprise, acquired 19 per cent stake in Al Rimal Mining LLC, Oman (Al Rimal) after T S Global Holdings Pte Ltd and Tanmia and the existing shareholders of Al Rimal entered into an agreement to transfer 19 per cent shareholding in Al Rimal to Tanmia. Tata Steel revealed the agreement in a regulatory filing with the London Stock Exchange.

“This is to inform you that Tata Steel Limited, through T S Global Holdings Pte Ltd, has concluded the divestment of its 19 per cent equity stake in AI Rimal to Tanmia on October 3, 2022, thereby reducing its shareholding from 70 per cent to 51 per cent in Al Rimal,” the filing stated. T S Global Holdings Pte Ltd (formerly T S Global Mineral Holdings Pte Ltd) is a wholly-owned subsidiary of Tata Steel Limited. The financial terms of the deal have not been disclosed.

In May 2019, T S Global Holdings Pte Ltd signed a definitive agreement to induct Tanmia as a shareholder in Al Rimal Mining. When the agreements were signed, Tata Steel said the other existing shareholders of Al Rimal would also divest their stakes of 11% to Tanmia. This would give Tanmia a 30% shareholding in Al Rimal Mining.

Al Rimal Mining is a step-down subsidiary of Tata Steel that was formed to focus on limestone mining in Oman.

“This has reference to our disclosure dated May 9, 2019, with respect to divestment of equity stake in Al Rimal Mining LLC, Oman (Al Rimal).This disclosure is being made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,” Tata Steel said.