DUBAI: Popular dairy producer Almarai has sold some of its shares in the Saudi unit of Zain telecom, for a cash value of SR81.1 million ($21.6 million).

The company, which also produces a variety of juices, sold 5.6 million shares, according to a bourse filing, lowering its stake in Zain KSA to 0.4 percent by the end of September from 1.1 percent in June.

Almarai is planning to sell the rest of its remaining stake in the next 12 months, the filing said. It owned 2.5 percent of 35 million shares of Zain KSA when the telecom firm was established in 2008.

The move comes as Zain KSA aims to refinance its debts through pledging shares to creditors, and extending the debt repayment periods to the founders.

The telecom company owes Almarai a total of SR109.6 million in loans.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.