Saudi AIG to sell stake in Basra-based Al Anmaa at $195 million
(Image Source: Al Anmaa)
Basra (IraqiNews.com) – Saudi-based, Astra Industrial Group (AIG), announced that its sister company, Al Tanmiya Steel, signed an agreement to sell its 65% stake in Al Anmaa for Construction Materials Production, a steel plant production company based in Basra, Iraq.
The total sale is valued at $195 million and is subject to regulatory approvals in Iraq.
AIG was founded by Jordanian-Palestinian businessman, Sabih Masri in 1979. Masri amassed a large fortune in the 1991 Gulf War by opening a catering business for the allied coalition led by the United States.