Ras Al Khaimah’s ruling family is in talks to sell a stake valued at as much as $391 million in Ras Al Khaimah Ceramics (RAKCEC), the world’s biggest maker of ceramic tiles, according to four people familiar with the matter.
The ruling family, which runs one of the seven sheikhdoms in the United Arab Emirates, is seeking to sell 25 percent to 50 percent in RAK Ceramics, the people said, asking not to be identified as the talks are private. Barclays Plc and BNP Paribas SA are advising the family, two of the people said.
RAK Ceramics exports to more than 150 countries, according to its website. The shares almost tripled in 2013 and have jumped 23 percent in Abu Dhabi this year, giving the company a market value of 2.88 billion dirhams ($783 million).
Abdulla Mahmood, a spokesman for RAK Ceramics declined to comment, while the Ras Al Khaimah government could not be immediately reached for a comment. Barclays didn’t immediately return calls for comment and noone was immediately available at BNP.
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