The Saudi government has sold the National Pipe Company “Anabeeb”, based in Khubar, to the Indian company MAN Industries for 102 million dollars.

Over recent months, Anabeeb had entered an accelerating phase of financial distress due to the cancellation of dozens of government projects across the country, as the company was tied to major contracts linked to those projects.

Last February, the platform “MarketsMojo” classified the company’s stock under a “Sell” rating — a classification used in financial markets to indicate expectations of a near-term decline in the share price, effectively signalling to investors that they should sell their holdings and exit their investment in the company immediately.