Saudi Amiantit exits Egyptian market in $2mln deal

The Saudi company is selling its 50% stake in Amiantit Fiberglass Egypt Company

  
A Saudi trader monitors stocks at the Saudi Bank in Riyadh November 22, 2008. Image used for illustrative purpose.

A Saudi trader monitors stocks at the Saudi Bank in Riyadh November 22, 2008. Image used for illustrative purpose.

REUTERS/Fahad Shadeed

Riyadh –  Saudi Arabian Amiantit Company has signed an agreement with its partner in Egypt to sell its stakes in the Egyptian market for $2 million (SAR 7.5 million).

The Saudi company is selling its 50% stake in Amiantit Fiberglass Egypt Company (AFEC), as well as its 49% stake in Ameron Egypt, which is owned by the company’s subsidiary Ameron Saudi Arabia, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

As for the deal’s financial impact, which will reflect on results in the first quarter (Q1) of 2020, Amiantit expects net cash flow of SAR 7.5 million, a SAR 15.69 million in accumulated rights losses due to currency exchange, and a SAR 7.5 million increase in unified rights.

Source: Mubasher

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