Tenaris Saudi Arabia acquires 48% stake in Saudi Steel Pipe

Under the deal, Tenaris will expand its presence in Saudi Arabia, and it will also raise the products which it provides to Saudi Aramco.

  
A Saudi trader monitors stocks at the Saudi Stock Exchange in Riyadh.

A Saudi trader monitors stocks at the Saudi Stock Exchange in Riyadh.

REUTERS/FAISAL NASSER

Riyadh –   Saudi Steel Pipe Company (SSP) on Monday has said that Tenaris Saudi Arabia acquired 47.79% of its capital through a private transaction.

Tenaris bought this stake from Rabiah & Nassar Group, and a group of shareholders, according to a statement to the Saudi Stock Exchange (Tadawul).

“Tenaris and Rabiah & Nassar Group have agreed a reduction in the purchase price payable to Rabiah & Nassar Group in consideration for the waiver of certain agreed conditions such that the price payable to Rabiah & Nassar Group is approximately SAR 21.648 per share,” the statement added.

Under the deal, Tenaris will expand its presence in Saudi Arabia, and it will also raise the products which it provides to Saudi Aramco.

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