Saudi Arabia’s National Industrialization Company, known as Tasnee, has completed the sale of its entire stake in Al-Rowad Industrial Manufacturing Company to Saudi Industrial Transformation Holding Company, or Tahweel Holding, for SAR684 million ($182 million).
The transaction was completed at the end of August after the parties met the required regulatory conditions. The final value reflects agreed cash adjustments at closing, compared with an enterprise value of SAR700 million previously announced.
The sale received regulatory approvals, including a no-objection decision from the General Authority for Competition in July. Tasnee signed the sale agreement with Tahweel Holding in March as part of a broader effort to restructure its investments and focus on core businesses.
Al-Rowad’s portfolio includes companies focused on packaging, plastic solutions, industrial films and product marketing, including Al-Rowad International Packaging, Tلدين Plastic Solutions, Al-Rowad National Plastics, Al-Rowad International Industrial Films and Al-Rowad United Marketing.
According to financial analyst Ekrami Abdullah, the deal could provide Tasnee with liquidity to reduce debt and financing costs and focus more closely on petrochemicals, although the company will give up part of its earnings.
Source: Jawlah
