Tenaris completes stake acquisition in Saudi Steel Pipe Company

Saudi Steel Pipe Co. said that Tenaris Saudi Arabia Co. Ltd. (Tenaris) has successfully completed the proposed acquisition of 47.79 percent stake from Rabiah & Nassar Group and other shareholders through a private transaction.

Tenaris and Rabiah & Nassar Group have agreed on a reduction in the purchase price payable to the latter, in consideration for the waiver of certain agreed conditions.

Read: Alhagbani Law Firm advises Tenaris KSA on buying stake in Saudi Steel Pipe

The price payable to Rabiah & Nassar Group is approximately SAR 21.648 per share whereas the purchase price payable to the other sellers remains unchanged at SAR 22.20 per share, the Saudi-listed firm said in a bourse statement.

“As part of its plans, Tenaris remains committed to the growth of the company and, as a result of the transaction, will expand its industrial presence in the Kingdom and the range of products it supplies to Saudi Aramco,” the statement said.

Tenaris has no immediate plans to make any significant changes to the employee structure unless decided by the board of directors in due course, the statement said.