Riyadh – Mubasher: Saudi Cement Company on Tuesday announced signing a contract to sell its entire stake of 40% in Group International Cement Company, a Kuwaiti closed joint stock company.

The total value of the contract amounts to KWD 1.989 million ($6.58 million/SAR 24.7 million), the company said in a filing to the Saudi Stock Exchange (Tadawul).

The financial impact will be seen in the company’s “profits for the second quarter of 2016 as a gain from selling of investment amounting to KWD 50,000 after considering exchange rate differences (increase/decrease) upon receipt of the selling value,” the statement said.

Investments in associated companies’ balance will be reduced by the book value of investment in Group International Cement and the value received will be added to company cash balances, Saudi Cement concluded.