Saudi Industrial Services Co. (SISCO) said it has completed the divestment of a 21.2 percent direct equity stake in Red Sea Gateway Terminal Limited to Saudi Arabia’s Public Investment Fund (PIF) and COSCO SHIPPING Ports Limited (CSPL).
SISCO, which is a strategic investor in ports and terminals, logistics parks and services, will receive total gross proceeds of 556.5 million riyals ($148 million) for the transaction, which reduces its shareholding from 60.6 percent to 36.36 percent, according to a statement.
The financial impact of the transaction, which will be calculated subject to the finalization of Q2 2021 financial results, and the final payment of costs associated with the transaction, will be reflected in SISCO’s Q3 2021 financial statements.
The company made a first quarter net profit of 32.3 million riyals, up 21 percent year-on-year.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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© ZAWYA 2021