Trecora Resources Receives Proceeds For Partial AMAK Share Sale

Rhea-AI Summary

Trecora Resources (TREC) announced a $2.5 million share sale on July 28, 2020, reducing its ownership in Al Masane Al Kobra Mining Co. (AMAK) from 28.3% to 27.0%. This transaction is part of Trecora's strategy to optimize its shareholding structure. The company is engaged in specialty hydrocarbons and wax manufacturing in Texas, enhancing its position in the petrochemical sector. The sale is seen as a strategic move rather than a sign of financial distress, reflecting ongoing business optimization efforts.

Positive

• Received proceeds of $2.5 million from AMAK share sale.
• Reduced ownership in AMAK strategically from 28.3% to 27.0%.

Negative

• None.

SUGAR LAND, Texas, July 30, 2020 /PRNewswire/ -- Trecora Resources ("Trecora" or the "Company") (NYSE: TREC), a leading provider of specialty hydrocarbons and specialty waxes, today provided an update on its previously announced Al Masane Al Kobra Mining Co. ("AMAK") share sale.

On July 28, 2020, Trecora received proceeds of approximately $2.5 million in connection with the sale of a 1 million share portion of Trecora's overall ownership in AMAK.

Following this transaction, Trecora's ownership percentage in AMAK has been reduced from 28.3% to 27.0%.

About Trecora Resources (TREC)
TREC owns and operates a specialty petrochemicals facility specializing in high purity hydrocarbons and other petrochemical manufacturing and a specialty wax facility, both located in Texas, and provides custom processing services at both facilities. In addition, the Company is the original developer and a 27.0% owner of Al Masane Al Kobra Mining Co., a Saudi Arabian joint stock company.

Investor Relations Contact:
Jason Finkelstein
The Piacente Group, Inc.
212-481-2050
trecora@tpg-ir.com

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SOURCE Trecora Resources

FAQ

What was the amount received by Trecora from the AMAK share sale?

Trecora received approximately $2.5 million from the sale.

When did Trecora announce the AMAK share sale?

Trecora announced the share sale on July 30, 2020.

What is Trecora's new ownership percentage in AMAK?

Trecora's ownership percentage in AMAK is now 27.0%.

How many shares did Trecora sell from its AMAK holdings?

Trecora sold 1 million shares from its AMAK holdings.

What is Trecora Resources involved in?

Trecora Resources is involved in specialty hydrocarbons and wax manufacturing.