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Esterad sells $6m stake in United Cement

Esterad sells $6m stake in United Cement
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Esterad
ESTERAD
0.00% 0.18 0.00
SAUDI CEMENT
3030
0.16% 62.50 0.10

Mubasher: Esterad Investment Company, listed on the Bahrain Bourse, has sold its stake in United Cement Industrial Company to Saudi Cement Company for BHD 2.3 million ($6.05 million).

Esterad says it has achieved a return on investment of more than 50% from its investment in United Cement over the last 20 years, according to a bourse statement.

The Bahrain-based company expects the deal to positively reflect in its financial statements for the fourth quarter (Q4) of 2019.