(MENAFN) UAE-based RAK Ceramics announced that it has bought 20 percent of the minority share in its Iranian subsidiary RAK Iran, which means the UAE company is fully buying the unit.
RAK Ceramics said that it has "a long term vision for the Iranian market both domestically and as an export center in Central Asia as the sanctions regime gets lifted," as it has a full ownership of the subsidiary
The company did not specify whether it will expand into newer markets within the Central Asian region or ramp up production within its Iranian facility post the deal.
"Our facility in Iran which, like the rest of our global manufacturing units, is equipped with the best machinery and infrastructure in our industry," said RAK Ceramics CEO.
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