Saudi Industrial Development Co to own a 31.8 percent stake in Deutsche Gulf Finance

19/10/2014 Argaam

The board of Deutsche Gulf Finance agreed to raise its capital to SAR 571 million and to have Saudi Industrial Development as a partner with 18.18 million shares, representing 31.8 percent stake in the company, Saudi Industrial said in a statement to the Saudi bourse, Tadawul.

 

The financial impact will be reflected in the 4th quarter of 2014 financial year, it added.

 

Deutsche Gulf Finance and Industrial Development agreed in June to have Industrial Development pay SAR 200 million, or SAR 11 a share, to become a stake holder in the finance company, according to Argaam. 

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