Saudi Steel Pipe Company (SSP) on Wednesday revealed that that Rabiah & Nassar Group and a group of minority shareholders have entered into a share sale and purchase agreement with Tenaris Saudi Arabia Co. Ltd. (Tenaris), a wholly owned subsidiary of Tenaris S.A.

Tenaris, a leading supplier of tubes and related services for the energy industry, will buy around 24.37 million shares, representing 47.79% of SSP’s share capital, according to the firm’s statement to the Saudi Stock Exchange (Tadawul).

The agreement’s total cost amounted to SAR 541 million, with SAR 22.20 per share, SSP noted.

The transaction is expected to be concluded before 31 March 2019 after obtaining the relevant regulatory approvals and the satisfaction of other conditions in accordance with the SPA, the statement added.

By 11:03 KSA time, SSP’s stock declined 0.63% at SAR 22.10

-Mubasher