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The step is in line with Fitaihi Holding’s strategic plan to increase profitability and maximise shareholders' rights, according to a bourse filing on Tuesday.
The positive impact of the abovementioned sale will reflect on the group’s consolidated preliminary financial results for the first quarter (Q1) of 2021.
The sale proceeds will be used in further improving the return on equity in the group.
In September 2020, Fitaihi Holding sold 4.83% of Al-Jouf Agricultural, until the end of 14 September 2020, generating capital profits of SAR 29.95 million.
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