RAK Ceramics dip, Sameena Capital seals partial acquisition
The Abu Dhabi market index (ADXGI) lost 2.03 per cent to close at 4,831.57 points on Sunday, June 15, as worries that the Iraqi situation could drag the Middle East into a new quagmire of multiple civil wars weighed on the sentiment.
RAK Ceramics plummeted 4.37 per cent to AED3.48. Earlier in the day, the firm revealed in a statement to the exchange that it completed the acquisition of 250 million shares of RAK Ceramics it acquired from the ruling family of Ras Al Khaima, representing 30.6 per cent of the equity of the world’s largest ceramics maker. “Under the terms of the transaction, Samena Capital will be represented on the board of RAK Ceramics and the two companies will work together to use private equity strategies to unlock new growth opportunities.” Samena Capital was established in 2008. The company has regulated investment advisors based in London, Dubai, Hong Kong and an affiliated office in Mumbai, which collectively manage total capital commitments of approximately $700 million.