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Article: Owner approves Astra Industrial Group offer to buy 51% in Jordanian steel mill.
- Article from:
- ADP News Middle East & Africa
- Article date:
- July 27, 2009
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(ADPnews) - Jul 27, 2009 - Saudi Arabia's Astra Industrial Group (SAU:1212) said it received yesterday an approval of its offer to buy 51% in a Jordanian steel unit from the unit's owner, Jordan-based Al Maseera International Co.
Astra announced the offer in late June. The deal is estimated at SAR 225 million (USD 60m/EUR 42.2m).
Al Maseera's steel unit has a steel plant under construction in Iraq which will have an annual production capacity of 450,000 tonnes of steel pellets and 350,000 tonnes of reinforcing steel. The plant is expected to start operation in the second quarter of 2010.
Astra Industrial ...