Germany’s Knauf makes bid to delist United Mining

United Mining Industries Company (UMI) said Knauf International, its major shareholder, has made a firm intention to take the company private and delist from the Saudi stock exchange.

Germany’s Knauf acquired 63.2 percent of the Saudi producer of gypsum board and cement board products in May for SAR505 million ($135 million) in a private transaction, according to data from the Saudi Exchange (Tadawul).

Knauf International aims to acquire the remaining UMI shares at SAR57 ($15.19) per share, the same price paid in May, the Saudi company said in a statement.

Knauf will acquire only those shares for which valid acceptances are received during the tender offer.

Any minority shareholders who do not accept the tender offer will retain their UMI shares but may find it difficult to dispose of them and may hold illiquid shares following the completion of the tender offer, the statement said.

In March, UMI said net profit fell 31 percent year on year to SAR19 million in 2025, as revenues fell 11 percent annually to SAR 227 million.

UMI shares closed 1.5 percent higher at SAR52.80 on Monday, up 17 percent so far this year.

Knauf International is part of Knauf Group, a family-owned producer of gypsum-based construction materials and systems, insulation and ceiling systems.

It operates more than 300 production sites and sales offices in more than 90 countries on all continents. In 2024, it generated sales of €16 billion ($18 billion).

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