UAE-based Samena Capital, an investment firm managing about $700m, has completed the acquisition of a 30.6 per cent stake in RAK Ceramics.

The acquisition of 250 million shares was made through Samena Capital’s subsidiary, Samena Limestone Holdings, and its consortium of international investors, including two Gulf sovereign wealth funds. The investment firm acquired the stake from the ruling family of Ras al-Khaimah, who will continue to maintain a significant holding in the Abu Dhabi Securities Exchange-listed firm.

Under the terms of the transaction, Samena Capital will be represented on the board of RAK Ceramics and the companies will use private equity strategies to seek out new growth opportunities. 

RAK Ceramics has annual revenues of approximately $1bn, making it the world’s largest ceramics manufacturer with an annual output of 117 million square metres of tiles, 4.6 million pieces of bathware and 24 million pieces of tableware.