rak ceramics sells interest in rak laticeret
Last Updated : GMT 07:47:47
Arab Today, arab today
Arab Today, arab today

Successfully completed sale of 51% share

RAK Ceramics sells interest in RAK Laticeret

Arab Today, arab today

Arab Today, arab today RAK Ceramics sells interest in RAK Laticeret

RAK Ceramics
Ras al-Khaimah - Arab Today

RAK Ceramics, a global hi-tech leader of lifestyle ceramics solutions, announced yesterday that it has successfully completed sale of its 51% share in RAK Laticrete to Laticrete International for Dh48.1 million, after executing the initial MoU between the two companies.
The transaction also includes the distribution of dividends for an additional amount of Dh8.6 million. Total gross proceeds from the sale transaction will be Dh56.7 million. The proceeds will be used to expand high margin sanitary ware operations in RAK Ceramics' Focus Markets of the UAE, India and Bangladesh.
In 2003, RAK Laticrete, a joint venture between RAK Ceramics and US based Laticrete International, was formed to manufacture tiling installation systems and waterproofing products and was a successful and profitable business venture for more than 10 years. With an exit EV/EBITA multiple in excess of 8 times, RAK Ceramics will recognise a Dh37.6 million gain on sale of this joint venture.
Commenting on this successful transaction, Abdallah Massaad, RAK Ceramics CEO, said, "In 2003, we recognised the potential of Laticrete's contribution to the Middle East market and hence our joint venture was created. We worked closely with the management to identify potential opportunities which added significant value to RAK Ceramics' brand name. We had a highly successful partnership and we believe that both companies are currently in a win-win situation. RAK Ceramics for receiving a premium on the sale transaction and Laticrete International for buying a valuable company that has been a success story in the industry over the last 12 years."
"RAK Ceramics has been an excellent partner in the UAE and throughout the region, said Erno de Bruijn, President, International Division of Laticrete. "We made the strategic decision to extend the scope of our activities beyond the world of ceramic tiles and stone. Through acquisitions and organic growth, Laticrete has experienced tremendous international expansion and we are confident that by focusing on new product offerings and enhancing our operations in the Middle East, we will continue to grow."
RAK Ceramics continues to pursue its ‘Value Creation Plan' that was set in 2014 to exit from non-core and non-strategic business which reduces its profitability, and to exit from activities that are not related to the four core-operations, of tiles, bath ware, tableware and faucets.
Source: WAM

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

rak ceramics sells interest in rak laticeret rak ceramics sells interest in rak laticeret

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

rak ceramics sells interest in rak laticeret rak ceramics sells interest in rak laticeret

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday