Riyadh – Mubasher: Al Jouf Cement's board of directors on Tuesday approved signing of SAR 59.1 million selling agreement of its subsidiary Al Jouf Investments.

The agreement aims to sell the 40% whole stake of Al Jouf Investments in through the bridges Trading & Contracting to Nour Al-Balkan Trading.

The book value of the transaction stood at SAR 14.4 million, while net profits amounted to SAR 2.6 million.

Al Jouf Cement stated that liabilities of through the bridges Trading & Contracting to Al-Jouf investment are SAR 43.5 million, and they are included in the deal.

The financial impact of the transaction will appear in the fourth quarter of 2017.