Saudi Steel Pipe Co. (SSP) has completed the acquisition of a 30 percent stake in its joint venture, Titanium & Steel Manufacturing (TSM Arabia), from its South Korean partner TSM Tech Co., the company said in a statement to Tadawul.
Accordingly, SSP increased its ownership in the titanium producer to 100 percent.
Meanwhile, the ten-year technical support agreement with TSM Tech will remain valid until the end of 2020.
The steel pipe manufacturer added that it expects the financial impact from the acquisition to reflect on Q2-2017 financial results.
Argaam earlier reported that decision was prompted by the joint venture’s losses, as well as financial difficulties faced by TSM Tech.
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