Taiba Investments offloads full stake in Oasis Fiberglass

21/06/2020 Argaam

 

Taiba Investments Co. said it completed the sale of its 29.50% stake in Oasis Fiberglass Company (a closed associate), the company said in a bourse statement.

 

Taiba said the relevant financial impact will reflect on its financial statements upon finalizing the regulatory approvals.

 

Partially, a provision for Oasis Fiberglass' loan secured from the Saudi Industrial Development Fund (SIDF) at SAR 67.82 million, as per financial statements for FY2018 will be written back.

 

The stake sale came in line with the company's strategy aimed at divesting some non-core investments and expanding its real estate development business portfolio.

 

No related parties were involved in the deal, the statement added.

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