SUGAR LAND, Texas, Jan. 2, 2019 /PRNewswire/ -- Trecora
Resources (the "Company") (NYSE: TREC), a leading provider of high
purity specialty hydrocarbons and waxes, today announced that on
December 26, 2018, Al Masane Al Kobra
Mining Company ("AMAK"), a Saudi Arabian closed joint stock mining
company in which the Company owns a 33.4% stake, completed the
repurchase of 10% of its outstanding shares on a pro-rata basis
from its existing shareholders, resulting in gross proceeds of
$5.3 million to the Company. The
Company's ownership percentage in AMAK did not change as a result
of the share repurchase.
Pat Quarles, President and Chief
Executive Officer, said, "We believe that this $5.3 million AMAK share repurchase is beneficial
for multiple reasons. It provides the Company with additional
liquidity to be used for general corporate purposes and
importantly, demonstrates the significant operational and financial
improvements achieved at AMAK, better positioning it for a
potential monetization event in the future."
The Company expects to pay approximately $800,000 in taxes related to this share
repurchase.
About Trecora Resources (TREC)
TREC owns and operates a facility located in southeast
Texas, just north of Beaumont, which specializes in high purity
hydrocarbons and other petrochemical manufacturing. TREC also owns
and operates a leading manufacturer of specialty polyethylene waxes
and provider of custom processing services located in the heart of
the Petrochemical complex in Pasadena,
Texas. In addition, the Company is the original developer
and a 33.4% owner of Al Masane Al Kobra Mining Co., a Saudi Arabian
joint stock company.
Forward-Looking Statements
Statements in this press release that are not historical facts
are forward looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based
upon our belief, as well as, assumptions made by and information
currently available to us. Because such statements are based upon
expectations as to future economic performance and are not
statements of fact, actual results may differ from those projected.
These risks, as well as others, are discussed in greater detail in
Trecora Resources' filings with the Securities and Exchange
Commission, including Trecora Resources' Annual Report on Form 10-K
for the year ended December 31, 2017,
and the Company's subsequent Quarterly Reports on Form 10-Q. All
forward-looking statements included in this press release are based
upon information available to the Company as of the date of this
press release.
Investor Relations Contact:
Jean Marie Young
The Piacente Group, Inc.
212-481-2050
trecora@tpg-ir.com
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SOURCE Trecora Resources