18
May
12:38
Saudi's SSPC raises stake in Global Pipe Company
Dammam-based Saudi Steel Pipe Company (SSPC), in which Tenaris has a 47.79% shareholding, has completed the acquisition of an additional stake in its joint venture LSAW pipe manufacturer Global Pipe Company (GPC), notes Kallanish.
SSPC acquired a 22.27% interest in GPC from EEW for $6.3 million in cash and now holds 57.27% of the shares in GPC. "SSP also assumed a corresponding portion of EEW’s guarantees concerning GPC’s financial debt,&rdqu…
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