Riyadh – Mubasher: Saudi Steel Pipe Company fully acquired the 30% stake of its Korean partner TSM Tech Ltd in Titanium and Steel Manufacturing Company (TSM Arabia).
Through this deal, TSM Arabia is now fully owned by Saudi Steel Pipe. Additionally, the technical support agreement between the titanium and steel company and TSM Tech Ltd will continue until the end of 2020 and is extendable.
The financial impact will appear at the beginning of the second quarter of the year, according to a bourse filing on Wednesday.
On 22 February, Saudi Steel Pipe signed an agreement with TSM Tech to acquire the remaining 30% shareholding in TSM Arabia and thus, own 100% of the subsidiary.
