Saudi Arabia-based pipemaker TenarisSaudiSteelPipes, formerly known as Saudi Steel Pipe Co. (SSP), has announced that its board of directors has approved the start of voluntary liquidation procedures for its wholly-owned subsidiary Titanium & Steel Manufacturing Co Ltd. (TSM Arabia).
Strategic focus on core activities
The company stated that the move is consistent with its strategic focus on core tubular and services businesses serving the oil and gas, industrial and construction sectors.
TSM Arabia has a share capital of SAR 32,000,000 ($8.53 million) and was previously the subject of a sale of its main operating assets to Koch Chemical Technology Group Saudi Arabia Ltd in March 2021.
TenarisSaudiSteelPipes indicated that the financial impact of the liquidation is expected to be immaterial and will be reflected in its consolidated financial statements once the process is complete.
