RAK Ceramics divests its stake in Electro RAK group and its subsidiaries
RAK Ceramics [RKCE.AD] has existed its position in the subsidiaries of Electro RAK group for AED45 mn, according to a press release. The company clarified that the sold stakes were 51.08% of Electro Rak, 50% of Emirates Heavy Engineering and 10% in Encom Trading. The company released a statement stating that the transaction will not have a material effect on the stock price. (Mubasher) RAK Ceramics (AD): AED2.40 as of 22 Feb. 2017, Rating: Buy, TP: AED3.30/share, MCap: USD561mn, RAKCEC UH/RKCE.AD
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