RAK Ceramics, (RAKCEC) the world’s biggest maker of ceramic tiles, jumped the most in a week after Ras Al Khaimah’s ruling family was said to be in talks to sell a stake valued at as much as $391 million.
The shares rose as much as 3.9 percent to 4.02 dirhams in Abu Dhabi on a volume of 1.2 times the three-month average, outpacing a 0.4 percent gain on the benchmark Abu Dhabi Securities Market General Index. (ADSMI) The stock has climbed 27 percent this year after almost tripling in 2013.
Barclays Plc and BNP Paribas SA are advising Ras Al Khaimah’s ruling family on selling 25 percent to 50 percent in the ceramic tile-maker, according to four people with knowledge of the matter. Talks are at an advanced stage with a regional investment firm, two of the people said, declining to identify the potential buyer. Ras Al Khaimah is one of the seven sheikhdoms that make up the United Arab Emirates.
RAK Ceramics exports to more than 150 countries, according to information on its website. Ras Al Khaimah is one of the seven sheikhdom’s that make up the United Arab Emirates.
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