(MENAFN) Saudi Arabia's National Industrialization Co (Tasnee) announced it has invested USD480 million to raise its majority stake in its Cristal subsidiary by an additional 13 percent, Gulf Business reported.
The company said that the deal, in which the company acquired the additional stake from Gulf Investment Corp, will begin affecting Tasnee's financial statements from the January-March period of 2015.
Tasnee said that this deal is in line with the company's strategy to maximize its stakes in its subsidiaries, particularly as Cristal is known to be one of the world's largest producers of titanium dioxide.
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