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Savola to see SAR 694m profits in Q3 after Al Marai selling

Savola to see SAR 694m profits in Q3 after Al Marai selling
Savola to see SAR 694m profits in Q3 after Al Marai selling
ALMARAI
2280
-1.25% 55.20 -0.70
Default Company
2050.B
6.03% 37.80 2.15

Riyadh – Mubasher: Savola Group on Monday completed all the special negotiated transactions to sell part of its stake in Al Marai, to achieve SAR 694.1 million ($185 million) profits that will appear in Savola’s financial statements for the third quarter of 2017.

Savola’s stake in Al Marai decreased to 34.52% from 36.52% after the transaction’s completion, according to a statement to the Saudi Stock Exchange (Tadawul).

Savola Group’s stock shed 0.74% to SAR 45.60, whereas Al Marai’s stock increased 0.78% reaching SAR 74.70 on Sunday.