Fitaihi completes 4.83% stake sale in Al-Jouf Agricultural, capital gains of SAR 30 mln

Fitaihi Holding Group completed, on Sept. 14, 2020, sale of 4.83% stake in Al-Jouf Agricultural Development Co.’s capital, achieving exceptional capital gains of SAR 29.95 million.

The company said in a bourse filing that this comes within the strategic plan of the group, and according to the resolution of the board of directors to sell 5.01% of the capital of its associate, Al-Jouf Agricultural, before Sept. 16, 2020, out of its 14.01% stake in the latter.

The positive financial impact of the stake sale will appear in the Q3 FY2020 consolidated preliminary financial results of Fitaihi Holding Group.

These sale proceeds will be used to strengthen the group's financial position, and its future directions, the statement said, adding that Fitaihi Holding Group has three representing members in Al-Jouf Agricultural’s board of directors, namely Dr. Mohamed Ahmed Hassan Fitaihi, Omar Riyadh Al-Humaidan, and Yasser Yehia Abdelhamid.