Ras Al Khaimah Ceramics said on Tuesday that its founding shareholder had agreed to sell 30.6 percent of his stake in the company to Samena Limestone, a company incorporated under the laws of the Cayman Islands.

Sheikh Saud bin Saqr Al-Qasimi, a member of the ruling family of Ras Al Khaimah, which is one of the seven UAE emirates, has agreed to sell 250 million shares in the company, RAK Ceramics said in a bourse statement.

The ruling family had been exploring the sale of its shares in RAK Ceramics, sources had told Reuters in March. The sale still needs UAE regulatory approvals.  - Reuters