Riyadh – Mubasher: Taiba Investments Company on Sunday announced the sale of its 29.5% stake in Fiber Glass Oasis Co (FGOC), a closed joint-stock associate company.

The sale is in line with Taiba’s strategic plans to exit some non-core investments and boost its investment and real estate development activity, according to a stock exchange filing on Sunday.

The transaction’s material impact will reflect on Taiba’s financial statements following the completion of all regulatory procedures.

Part of this impact is a provision reversal of Taiba’s share from a loan secured by the Saudi Industrial Development Fund (SIDF) to FGOC at SAR 67.82 million that was previously created by Taiba in return for the said guarantee as per the financial statements for fiscal year (FY) 2018.