Saudi's Fitaihi Holding Group sells stake in Al-Jouf for $53.5mln

Holding company said it the transaction profit was $33.5mln

  
Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020.

Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020.

REUTERS/Ahmed Yosri

Saudi Arabia’s Fitaihi Holding Group has sold its stake in Al-Jouf Agricultural Development Company for SAR 200 million ($53.5 million). 

The holding company said the capital gains from the sale was SAR 125.7 million.

In a statement to the Saudi Stock Exchange (Tadawul) the company said the sale proceeds will be used to further improve the return on equity in the group and to achieve its future directions in line with the aspirations of the group’s shareholders. 

Al Fitaihi has yet to release financial results for 2020 but said the capital gains from the sale will be reflected in its financial results for the first quarter of 2021.

(Writing by Imogen Lillywhite, editing by Daniel Luiz)

 imogen.lillywhite@refinitiv.com 

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© ZAWYA 2021

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