Astra subsidiary to exit its investment in Alanmaa for Construction Materials Production in Iraq

Astra Industrial group announces that one of its subsidiaries (Al Tanmiya) signed a conditional agreement for exiting its investment in Alanmaa.

This comes with reference to Astra Industrial Group announcement related to one of its subsidiaries, Al Tanmiya For Steel Industries (Al Tanmiya) owned 65% by the group, a conditional agreement with Al-Ghad Al-Mutakamel Company for General Trading, Iron, Steel and Metal Industries for exiting its investment in Alanmaa Company for General Construction Materials Industry Limited (Alanmaa Company), which owns steel and power plants in Iraq, we would like to inform the public of the completion of this transaction, as all of the previously announced conditions precedent were met on 24/04/2022

The transaction was completed and all the following conditions precedent were met:

1) Regulatory approvals required to conclude the transaction in Iraq have been obtained.

2) The buyer secured needed funding from Iraqi banks.

3) Al Tanmiya loans to Alanmaa were settled.

4) Al Tanmiya received the shares’ sale proceeds.

5) Regulatory agency in Iraq registered the shares in the name of the buyer.

The financial impact of the transaction on the group will be determined after completing the accounting treatment and calculating the expenses and taxes imposed on the sale process by the relevant authorities, as the transaction is subject to accounting standards and regulatory authorities in Saudi Arabia, Iraq and Jordan. It is expected that this task will be completed within 6 months.