April 29 (Bloomberg) -- Samena Capital, an investment firm managing about $700 million, agreed to buy a 31 percent stake in Ras Al Khaimah Ceramics as the owners of the world’s biggest maker of ceramic tiles seek to raise funds.
Sheikh Saud bin Saqr Al Qasimi, ruler of the emirate of Ras al Khaimah, will sell 250 million shares to Cayman Islands-incorporated Samena Limestone, RAK Ceramics said today in a filing to the Abu Dhabi Stock Exchange, without disclosing a value for the deal. The stake is worth about 958 million dirhams ($261 million) based on RAK’s closing stock price yesterday, according to data compiled by Bloomberg.
RAK Ceramics said March 9 it hired Barclays Plc and BNP Paribas SA to explore “a range of strategic alternatives and transactions” after Bloomberg News reported that the banks are advising the ruling family, which rules one of the seven sheikhdoms in the United Arab Emirates, on the potential sale.
RAK Ceramics exports to more than 150 countries and posted a 21 percent increase in 2013 net income after improving production at its factories.
Today’s statement didn’t mention Sheikh Saud’s total shareholding in the company. Samena Capital wasn’t immediately available for comment.
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