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RAK Ceramics gains, denies report of major shareholder pullout

The Abu Dhabi Securities Exchange General Index (ADXGI) fell by 0.38 per cent to close at 4,878.23 points on Sunday, March 9. Market bellwether Etisalat lost by 0.15 per cent to close at AED12.05. RAK Ceramics gained against the trend, ending up 1.10 per cent to AED1.83. Earlier in the day, the biggest producer of ceramics revealed in a filing to the market that it has not been notified by any significant shareholder that it has agreed to sell its shares. RAK Ceramics responded to a report released by Bloomberg about a possible sale by the ruling family of RAK. Nevertheless, RAK Ceramics added that its board of directors has decided to explore a range of strategic alternatives and transactions, “which could enhance stakeholder value, and accordingly appointed Barclays and BNP Paribas to assist,” reads a company statement.

Gérard Al-Fil