The board of TenarisSaudiSteelPipes (TenarisSSP, formerly Saudi Steel Pipe Co.) approved the voluntary liquidation of its wholly-owned subsidiary, Titanium & Steel Manufacturing Co. Ltd., on February 19.
The subsidiary is capitalized at SAR 32 million. In a statement to Tadawul (Saudi Exchange), the company confirmed the appointment of a liquidator in accordance with local regulations.
This move is in line with the company’s strategy to concentrate on its primary tubular and services businesses within the oil, gas, industrial, and construction sectors. The financial impact of the transaction to be immaterial once consolidated into the income statement upon completion.