By John Lee.
Jordan’s Al Tanmiya Steel has completed the sale of its Iraqi steel operations for $195 million.
Al Tanmiya had full ownership of the Iraqi Al Anmaa for Construction Materials Production, which operates a steel plant (pictured) in Khor Al-Zubair, Basra.
Al Anmaa has been bought by Alghad Almutkamel for General Trading and Iron and Steel Metallic Industries.
According to a filing published by the Saudi stock exchange, Al Tanmiya is 65-percent owned by Saudi Arabian industrial conglomerate Astra Industrial Group (AIG), with Al Maseera International owning the remaining 35 percent.
In 2010, Astra paid $61 million for a 51 percent stake in Al Tanmiya.
(Source: Saudi Stock Exchange)