Saudi mall operator Arabian Centres sells Al Bawarij shares for $10mln

Transaction involves all of company's remaining shares

  
Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

REUTERS/Stringer

Saudi mall operator Arabian Centres Company has divested all of its shares in Al Bawarij International for Development and Real Estate Investment Co.

In a statement to the Saudi Stock Exchange, the company said the sale was valued at 40.4 Saudi riyals and was completed on September 10, 2020.

It said that the transaction included its “entire remaining shares” in Al Bawarij.

“The financial impact of this transaction will be reflected on the company’s results for the second quarter ending 30 September 2020,” the company said.

The mall operator had earlier announced that it gained some 36.72 million Saudi riyals in proceeds from the initial public offering (IPO) of Amlak International for Real Estate last July 2020. The proceeds represent 30 percent of the company’s indirect ownership in Amlak.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

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© ZAWYA 2020


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