Listed at Abu Dhabi Securities Exchange, RAK Ceramics' around USD 1 billion annual sales come from 160 countries with products like tiles, sanitaryware and tableware, Samena said in a release today.
The acquisition in RAK Cermaics, having production units in UAE, India, Bangladesh, China, Sudan and Iran, was made through Samena Capital's subsidiary, Samena Limestone Holdings and its consortium of international investors, including two Gulf sovereign wealth funds.
"The shares were acquired from the ruling family of Ras Al Khaimah, who will continue to maintain a significant holding in the business," it said.
"Samena Capital brings a value-added network in our core markets as well as international private equity expertise and business and financial capabilities to our company," he said.
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Samena Capital is the principal investment group focused on the subcontinent, Asia, Middle East and North Africa. Under the terms of the transaction, it will be represented on the company Board and the two companies will work together to use private equity strategies to unlock new growth opportunities.
In 2007, RAK Ceramics started its Indian production in Andhra Pradesh and has annual sales turnover of Rs 800 crore with production capacity of around 10 million sq metres of tiles per annum. The company also plans to raise its Indian capacity.