RAK Ceramics Selling Stake in RAK Laticrete
United Arab Emirates, Jan. 20, 2015 -- RAK Ceramics plans to sell its stake in RAK Laticrete as part of the company’s strategy to focus on core assets, the firm said.
RAK Laticrete, a joint venture between RAK Ceramics and Laticrete International, manufactures tile installation systems and waterproofing products for distribution throughout the Middle East and Africa.
RAK Ceramics said it received a significant premium to its book value and to the initial cost of RAK Laticrete.
The firm didn’t disclose details of the transaction or the buyers.