(Adds context, background)
DUBAI, April 29 Ras Al Khaimah Ceramics
said on Tuesday that its founding shareholder had
agreed to sell 30.6 percent of his stake in the company to
Samena Limestone Co, a company incorporated under the laws of
the Cayman Islands.
Sheikh Saud bin Saqr al-Qasimi, a member of the ruling
family of Ras Al Khaimah, which is one of the seven United Arab
Emirates, has agreed to sell 250 million shares in the company,
RAK Ceramics said in a bourse statement.
The ruling family had been exploring a sale of shares in RAK
Ceramics, sources had told Reuters in March. The sale still
needs UAE regulatory approvals.
Members of the al-Qasimi family own at least 45 percent of
RAK Ceramics, one of the world's biggest makers of floor tiles
and also a major producer of ceramic wall tiles and sanitary
ware, according to Thomson Reuters data.
RAK Ceramics did not reveal a selling price for the stake,
or any information about Samena Limestone or what it intended to
do with the stake.
RAK Ceramics' last share price in the market of 3.83 dirhams
values the whole company at about $852 million. The shares are
up 34 percent so far this year after nearly tripling in 2013.
In an interview a month ago, the company's chief executive
Abdallah Massaad told Reuters that RAK Ceramics planned to
invest $80 million this year on plant expansions in India and
Bangladesh as well as technology upgrades at other plants. It
has a listed affiliate in south Asia, RAK Ceramics (Bangladesh)
(Reporting by Praveen Menon and Andrew Torchia; Editing by