Saudi's Fitaihi Holding sells entire stake in Al-Jouf Agricultural for $33.52mln
The sale proceeds will be used in further improving the return on equity in the group
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.
REUTERS/Faisal Al Nasser
By Staff Writer, Mubasher
Riyadh – Fitaihi Holding Group has completed, until the end of 2 March 2021, selling its total stake of 9% in the share capital of Al-Jouf Agricultural Development Company, achieving capital gains of SAR 125.7 million.
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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