United Industries divests 29% of SADAFCO in special transaction

United Industries divests 29% of SADAFCO in special transaction
SADAFCO
2270
3.08% 77.00 2.30
ALQURAIN
ALQURAIN
3.56% 407.00 14.00
UIC
UIC
9.00% 118.00 10.00

United Industries Co. (UIC) sold today 9,425,000 shares of Saudia Dairy & Foodstuff Co. (SADAFCO) to Qurain Petrochemical Industries.

This sale was effected through a special transaction at SAR 92.50 each, totaling SAR 871,812,500 (nearly KWD 65.74 million), representing 29% of SADAFCO’s capital.

UIC expected to generate nearly KWD 19.43 million earnings from this deal, or 43.39 fils per share, to be recorded in Q4-13 balance sheet.