Announced
Financials
Tags
precious metals
Saudi Arabia
base metals
copper production
zinc production
General Mining
Friendly
Acquisition
Private
Pending
Single Bidder
Minority
Synopsis
Shareholders of Saudi Arabian closed joint stock company, Al Masane Al Kobra Mining, agreed to acquire Trecora's, a provider of specialty hydrocarbons and waxes, entire equity interest in AMAK. AMAK participates in this transaction through its share repurchase authorization program. Trecora will sell its 33.3% equity interests in AMAK for $70m. "We are pleased to achieve this important strategic milestone and fulfill our longstanding commitment to deliver significant shareholder value, through the sale of our AMAK ownership. AMAK has been a meaningful but non-core asset for many years. Over the past two years, AMAK has accomplished significant operational restructuring and upgrades thus greatly enhancing its value, and allowing for a transaction that we believe achieves a good outcome for all shareholders," Pat Quarles, Trecora's President and Chief Executive Officer.
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