Riyadh – Mubasher: Saudi Amiantit Group on Sunday has signed a memorandum of understanding (MoU) with Yapı Merkezi İnşaat ve Sanayi A.Ş (YM) at a value of SAR 9 million ($2.4 million).
Under the contract, Saudi Amiantit Group is set to sell a 30% stake of its current 50% stake in Subor Boru Sanayi ve Ticaret A.Ş. (Subor) and Subor Gap Boru Sanayi ve Ticaret A.Ş (Subor Gap) to Yapı Merkezi İnşaat ve Sanayi A.Ş (YM), according to a bourse filing.
“After this share transfer, Amiantit shall hold 20% of Subor shares, and thus YM, shall be the sole controlling and majority partner and Amiantit shall be the silent and minority partner,” the statement to the bourse added.
Saudi Amiantit Group further explained that in case this deal will be approved, it will generate SAR 530,000 profits during the first quarter of 2019.
During February, The Tadawul-listed firm unveiled closing Ameron Saudi Arabia Ltd in and Saudi Arabia Concrete Products Co Ltd plants which will lead to losing SAR 14 million.
Saudi Amiantit Group’s stock levelled down 0.17% to finish Sunday’s trading session at SAR 6.01.
