Riyadh - ?Saudi Arabian Amiantit Company on 23 November 2020 signed two agreements to sell its investments in Morocco.

The Saudi firm has sold its entire 50% stake in Amitech Morocco for EUR 2.7 million (SAR 12.03 million), achieving net cash of SAR 12.03 million, according to a bourse statement on Tuesday.

In addition, it sold its 15% stake in Amensouss S.A. for EUR 1.4 million (SAR 6.351 million). This deal will result in a net loss of SAR 2.8 million.

The Tadawul-listed firm added the two transactions will generate an accounting profit of SAR 14.163 million that will reflect on the company’s financial statements for the fourth quarter (Q4) of 2020.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

© Mubasher 2020