Investment group Samena Capital announced that it has completed the acquisition of 250 million shares of RAK ceramics, representing 30.6 per cent of the company’s equity.
Under the terms of the transaction, Samena Capital will be represented on the board of RAK Ceramics. The shares were acquired from the ruling family of Ras Al Khaimah, who will continue to have a significant holding in the company.
The acquisition was made through Samena Capital’s subsidiary, Samena Limestone Holdings, and its consortium including two sovereign Gulf wealth funds.
Shirish Saraf, founder & vice chairman, Samena Capital, said: “RAK Ceramics stands apart as home-grown brand that has become a dominant global player within its industry and is a true success of private entrepreneurship from the Arab world.”
The UAE’s Securities and Commodities Authority approved the purchase in May, and also granted the company a waiver in relation to the price it was paying for the RAK Ceramics shares.
With annual revenues of $1 billion, RAK Ceramics currently exports tiles and other ceramic products across the globe, with an annual output of 117 million square metres of tiles, 4.6 million pieces of bathware and 24 million pieces of tableware.