Riyadh – Mubasher: Saudi Amiantit Group expects that it will generate profits estimated between SAR 50 million and SAR 60 million after its merger with Austria-based WIG Wietersdorfer Holding GmbH (Hobas).

The Saudi firm on Monday completed most of the legal procedures related to the merger process, according to its statement on Tuesday to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed group expected that it will generate inflows between SAR 2 million and SAR 4 million on the back of the merger during the third quarter of 2017.

By 10:36 am KSA time, the stock rose 6.67% to SAR 7.04.