Salavatsteklo glass manufacturer establishes subsidiary in Saudi Arabia

UFA. Sept 4 (Interfax) - The board of directors of Bashkortostan-based JSC Salavatsteklo , one of Russia's largest manufacturers of pane/sheet/plate glass, has approved establishing the Salavat Glass Company subsidiary in Riyadh, Saudi Arabia, the Bashkir company said in a statement.

Salavatsteklo will wholly own the new subsidiary, with the stake valued at $130,000 and not over 15 million Russian rubles. Ratmir Sultanov has been appointed CEO.

As previously reported, Salavatsteklo cooperated with Saudi Arabia's Interhealth Medical Company, which provided two loans totaling $60 million in March and June of this year, or equivalent to 4.814 billion rubles, which is 14.12% of the value of Salavatsteklo's assets to International Financial Reporting Standards (IFRS) for 2022.

Salavatsteklo manufactures pane/sheet/plate glass and stained/tinted glass, decorative glass and coated glass, mirrors, glass containers, soluble sodium silicate, liquid glass, tempered glazing glass and automotive glass, and double-glazed windows.

According to the list of affiliates for the first half of 2023, RIA Company LLC, owned by Bashkir entrepreneur Radik Sultanov, owns 74.9% of the shares in the Bashkir glass factory.