Almarai sells UFHC full stake for $28 mln

01/01/2019 Argaam

 

Almarai Co. has divested its 33 percent stake in the United Farmers Holding Company (UFHC) to a founding shareholder, Saudi Agricultural and Livestock Investment Company (SALIC) for SAR 105 million, the company said in a bourse filing.

 

The sale deal was completed after obtaining all the regulatory approvals.

 

The relevant financial impact will appear on earnings of Q4 2018, and the deal proceeds will do for financing the company's investments as well as operations, the statement added.

 

In 2013, Almarai bought a 33 percent stake in the United Farmers Holding Company's (UFHC) capital amounting to SAR 1 million, data compiled by Argaam showed.

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