Saturday, Mar 05, 2011
BEIRUT (Zawya Dow Jones)--Pipe manufacturer Saudi Arabian Amiantit Co. Saturday said its fully-owned unit Amitech Switzerland AG has signed a contract to sell its entire stake in Amitech South Africa to Hein Momberg for 15 million South African rands ($2.18 million).
The company is expected to achieve a profit of 7.9 million Saudi riyals ($2.1 million) on the divestment, Amiantit said in a statement posted on the Saudi bourse website.
Amiantit didn't disclose the percentage of the stake.
Hein Momberg is Amitech South Africa's managing director, according to Amitech's website.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
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05-03-11 0927GMT
