SIDC to study impact of Ibn Rushd’s SAR 2.8 bln impairment

Saudi Industrial Development Co. (SIDC) received a letter on Jan. 29 from Arabian Industrial Fibers Co. (Ibn Rushd), a limited liability company, about recording a plant and equipment impairment provision of SAR 2.8 billion, it said in a bourse filing on Thursday.

The company, which holds a 1.56% stake in Ibn Rushd for a nominal value of SAR 132.9 million, will study the impairment impact on the book value of its stake, valued at SAR 66.5 million as of Dec.31, 2019.

It is worth mentioning that SIDC had earlier allocated an impairment provision of SAR 66.4 million for Ibn Rushd over the past few years.

SIDC will study the impact of impairment losses on the book value of its investments, worth SAR 66.5 million, as of Dec.31, 2019.

Any financial impact will be announced in due course, the statement noted.