Riyadh - Mubasher: Saudi Steel Pipe Company has expected to record a positive result of SAR 18.9 million in the third quarter (Q3) of 2021 from selling the main operating assets of its wholly-owned subsidiary Titanium Steel & Manufacturing Co.
Titanium Steel & Manufacturing Co has closed the SAR 36.3 million ($9.7 million) sale transaction with Koch Chemical Technology Group Saudi Arabia Limited after obtaining necessary approvals, according to a bourse filing on Monday.
The sold assets include buildings, machinery, and equipment used in the process equipment segment with a total net book value of SAR 17.4 million.
The sale proceeds will mainly be used to offset Titanium Steel's outstanding loans and other obligations.
