RAK Ceramics gains on SCA approval for RAK ruler stake sale
On Wednesday, May 28, the Abu Dhabi equity market index ADXGI dived 2.37 per cent lower to close at 4,977.67 points. Asmal lost the most, finishing off by 10 per cent (limit down) to AED5.40. Ras Al Khaima (RAK) Ceramic gained 0.27 per cent to reach AED3.70. Earlier in the day, the world’s biggest producer of ceramic tiles in relation to output revealed that the Emirates Securities Authority gave the green light for the sale of the emirate’s ruler’s 30 per cent stake in RAK Ceramics to Samena Limestone for $700 million. The deal was announced earlier this year in April.