Thursday, Apr 11, 2013
BEIRUT (Zawya Dow Jones)--Saudi Arabia's trading and industrial conglomerate Rashed Abdul Rahman Al Rashed and Sons Co., or RAR, said it intends to sell its entire 28.84% stake in Bahrain's United Gulf Investment Corp. (UGIC.BH).
The stake consists of about 57.68 million UGIC shares, the RAR group said in a statement posted on the Bahrain Bourse website on Thursday.
The divestment will be through a private transaction on the Bahrain bourse and is expected to take place on Sunday, according to the statement.
RAR said that it has appointed Bahrain's Taib Securities to act as broker for executing the deal.
UGIC is a private equity investment firm with total assets of 97.61 million Bahraini dinars ($258.9 million) as at the end of 2012, according to Zawya.com data.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
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(END) Dow Jones Newswires
11-04-13 0847GMT
