Saudi Advanced Industries sells its 20 percent stake in NPS Bahrain at a loss of SAR 7.3 million

Saudi Advanced Industries Company (SAIC), an industrial investment vehicle, sold its 20 percent stake in NPS Bahrain for Oil and Gas Wells Services Co at a loss of SAR 7.3 million to a consortium of investors led by Fajr Capital.

The loss has resulted from adding unrealized profits to the investment cost. The company sold it for SAR412.5 million ($110 million) while the initial cost of the shares was SAR 375 million ($100 million).