Amiantit sells its Stake in CPIC China for SAR 103.1m

Saudi Arabian Amiantit Company signed a Share Transfer Agreement for its 5.5 % ownership interest in Chongqing Polycomp International Corp., (CPIC) , a China producer of Glassfiber established in Chongqing, China.

 Amiantit;s stake was sold for an amount of $ 27.5m (Approx. SAR 103.1m), to the majority shareholder Yuntianhua Group Co., Ltd.

The agreement has been submitted to the related approving authorities of China and is expected to be approved in the coming weeks. If approved, the sale will generate a net capital gain and forex gain of approximately SAR 21.0 million in 2014; the company said in its filing to Tadawul today.

Saudi Arabian Amiantit Co had decided to put its shares in CPIC for sale in December 2013 to enhance the company’s liquidity and shareholders value, as there is a growing demand on the market for such investments from international investors.