Saudi Amiantit sells investments in Morocco

The Saudi firm has sold its entire 50% stake in Amitech Morocco for $3.20mln

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

Riyadh - ?Saudi Arabian Amiantit Company on 23 November 2020 signed two agreements to sell its investments in Morocco.

The Saudi firm has sold its entire 50% stake in Amitech Morocco for EUR 2.7 million (SAR 12.03 million), achieving net cash of SAR 12.03 million, according to a bourse statement on Tuesday.

In addition, it sold its 15% stake in Amensouss S.A. for EUR 1.4 million (SAR 6.351 million). This deal will result in a net loss of SAR 2.8 million.

The Tadawul-listed firm added the two transactions will generate an accounting profit of SAR 14.163 million that will reflect on the company’s financial statements for the fourth quarter (Q4) of 2020.

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© Mubasher 2020

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