Farm Superstores to approve SAR 116 mln sale transaction on Nov. 5

11/10/2018 Argaam

 

Saudi Marketing Co.’s (Farm Superstores) shareholders, on Nov. 5, will discuss and approve selling the company’s entire stake (99.5 percent) in its Lebanese subsidiary, Saudi Marketing and Trading Co. to chairman, Hazem Al Aswad, for SAR 115.89 million.

 

This sum represents the net book value of the company’s stake in its Lebanese unit as on Dec. 31, 2017, the company said in a bourse filing.

 

A total of SAR 55.89 million will be paid upon concluding the deal, while the remaining sum will be settled in two payments at SAR 30 million each on Oct. 1, 2019 and Oct. 1, 2020.

 

The Lebanon-based subsidiary owns and operates a commercial mall, namely Beirut Mall.

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