Al Abdullatif pays final installment in Al Reef acquisition

Al Abdullatif Industrial Investment Co. (Al Abdullatif) has paid SAR 33.75 million, its third and final installment for its acquisition of a 15 percent stake in Al Reef Sugar Refining Co. (RESRECO).

The transaction covers 4.5 million shares, representing 75 percent of the stake’s total value, the textile manufacturer said in a statement to Tadawul on Monday. Al Abdullatif has now paid the full value of its acquisition, which is SAR 45 million.

Argaam had earlier reported that Al Abdullatif had paid the first and second installments of SAR nine million and SAR 2.25 million, respectively.

Al Reef Sugar Refining, headquartered in Jeddah, is a closed joint stock company with total capital of SAR 300 million, divided into 30 million shares, at a par value of SAR 10 each.