Samena completes deal to buy RAK Ceramics stake from UAE royal

Investment group acquires more than 30% of company; will be represented on the board of RAK Ceramics
By Andy Sambidge
Sun 15 Jun 2014 02:37 PM

Investment group Samena Capital said on Sunday it has completed a deal to acquire more than 30 percent of Ras Al Khaimah Ceramics from the firm's founding shareholder.

Under the terms of the transaction, Samena Capital will be represented on the board of RAK Ceramics, and the two companies will work together to use private equity strategies to unlock new growth opportunities, a statement said.

Listed on the Abu Dhabi Securities Exchange, RAK Ceramics was established in 1989 and today has annual revenues of about $1 billion, led by chairman Sheikh Mohammed Bin Saud Al Qasimi, Crown Prince of Ras Al Khaimah.

The acquisition was made through Samena Capital's subsidiary, Samena Limestone Holdings and its consortium of international investors including two Gulf sovereign wealth funds, the statement said.

The shares were acquired from the ruling family of Ras Al Khaimah, who will continue to maintain a significant holding in the business, it added.

Al Qasimi, chairman of RAK Ceramics, said: "This investment by Samena Capital heralds the start of a new and exciting chapter in the development of RAK Ceramics. Samena Capital brings a value-added network in our core markets as well as international private equity expertise and business and financial capabilities to our company.

"We believe that this will add immense value to the organisation by sharpening our company's long-term business strategy, driving further growth and improving our overall productivity."

Shirish Saraf, founder and vice chairman, Samena Capital Investments Ltd, said: "RAK Ceramics stands apart as a home-grown brand that has become a dominant global player within its industry and is a true success of private entrepreneurship from the Arab world. We thank all of our partners for making this deal possible and we look forward to working closely with the RAK Ceramics team to unlock new operational and commercial opportunities."

Samena Capital has regulated investment advisors based in London, Dubai, Hong Kong and an affiliated office in Mumbai, who collectively manage total capital commitments of approximately $700 million across three primary investment strategies - private equity, credit and hedge fund seeding.

RAK Ceramics currently exports tiles and other ceramic products across the globe, with an annual output of 117 million square metres of tiles, 4.6 million pieces of bathware and 24 million pieces of tableware.

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