British steelmaker Tata Steel has closed its sale of a 19% stake in Oman-based limestone mining company Al Rimal Mining to Oman National Investments Development Company (Tanmia).
In May 2019, Tata Steel‘s subsidiary TS Global Holdings signed a definitive agreement to induct Tanmia as a shareholder in Al Rimal Mining.
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The completion of the transaction has reduced Tata Steel’s stake in Al Rimal Mining from 70% to 51%.
The financial terms of the deal have not been disclosed.
Al Rimal Mining is a step-down subsidiary of Tata Steel that was formed to focus on limestone mining in Oman.
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When the agreements were signed in 2019, Tata Steel said Al Rimal Mining’s other existing shareholders would also divest their stakes of 11% to Tanmia. This would give Tanmia a 30% shareholding in Al Rimal Mining.
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By GlobalDataTata Steel’s board of directors recently approved schemes for the amalgamation of six subsidiaries into and with Tata Steel, based on independent fairness and valuation opinions.
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