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Saudi Arabia's Savola Group made a gain of 81 million riyals ($21.6 million) from the sale of its stakes in Knowledge Economic City Co. and Knowledge Economic City Developers to Taiba Investment Co.
The investment holding group for the food and retail sectors sold the stakes for SAR459 million.
In a regulatory filing on the Saudi Stock Exchange (Tadawul) on Thursday, Savola, said the transaction generated cash proceeds amounting to SAR459 million, resulting in a gain of SAR39 million, that will be recorded in "other comprehensive income", and a gain of SAR42 million, that will be recorded in the P&L statement for the fourth quarter of 2022.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
