RAK Ceramics, a global hi-tech leader of lifestyle ceramics solutions, announced today that it has successfully completed sale of its 51% share in RAK Laticrete to Laticrete International for AED48.1 million, after executing the initial MoU between the two companies.
The transaction also includes the distribution of dividends for an additional amount of AED8.6 million. Total gross proceeds from the sale transaction will be AED56.7 million. The proceeds will be used to expand high margin sanitaryware operations in RAK Ceramics’ Focus Markets of the UAE, India and Bangladesh.
http://www.wam.ae/en/news/economics/1395279034287.html
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