Riyadh – Mubasher: Saudi Amiantit Group signed a contract with Deccan Enterprises Ltd. to purchase its minority stake in Amiantit Rubber Industries Co. Ltd. (ARIL).

Amiantit Rubber Industries Co. Ltd. is a 80% subsidiary of Saudi Amiantit Group.

“Amiantit is purchasing 20% of the shares of ARIL, thereby becoming the sole shareholder of this company, for a total consideration of SAR 1.8 million,” according to a statement on Wednesday to the Saudi Stock Exchange (Tadawul).

The transaction will be implemented on 31 December 2017.

The value of buying the remaining stake in ARIL is less than their book value. As for the financial impact of the deal, it expected to increase the Group’s shareholders’ equity of about SAR 700,000.

The transaction will be self-financed, and Amiantit will pay this value after completing the regulatory procedures of the deal.

Saudi Amiantit Group’s stock inched down 0.74%, closing Tuesday at SAR 8.05.