RIYADH: Astra Industrial Group’s Al Tanmiya Steel has sold its stake in its fully-owned Iraqi unit Al Anmaa for Construction Materials Production in a SR731 million ($195 million) deal. The transaction was concluded with Alghad Almutkamel for General Trading and Iron and Steel Metallic Industries on Apr. 24, upon completion of the preset conditions, according to a bourse filing. These included getting the required approvals, securing the necessary funding in Iraq, and settling loans owed by Al Tanmiya to Al Anmaa. In addition, the shares have been fully transferred and registered in the buyer’s name. Jordan-based Al Tanmiya, in which Astra Industrial holds a 65 percent stake, will use the proceeds to fund the company’s operations and growth plans.