Riyadh – Mubasher: Saudi Arabia’s Almarai Company on Tuesday announced selling its 33% stake in United Farmers Holding Company (UFHC) to Saudi Agricultural and Livestock Investment Company (SALIC) at a value of SAR 105 million ($28 million).
The food and beverage firm stated the transaction’s returns will be allocated for supporting its business and investments, according to a statement to the Saudi Stock Exchange (Tadawul).
The deal’s financial impact will appear in the firm’s financial results of the fourth quarter of 2018.
Almarai Company last reported a 4.20% year-on-year decline in net profits in the third quarter of 2018, logging SAR 1.45 billion, from SAR 1.51 billion.
During the first nine months of 2018, the Gulf's largest dairy company logged SAR 4.21 billion in profits, down 0.90% from SAR 4.24 billion in the prior-year period.
By 10:44 am Saudi time, the stock shed 0.83% to SAR 47.60.
