Fitaihi Holding Group announces the achievement of 29.95 million SAR exceptional capital gains from selling a part of its stake in Al-Jouf Agricultural Development Company (an associate Company)
| Element List | Explanation |
|---|---|
| Announcement Detail | Within the strategic plan of Fitaihi Holding Group, and according to the resolution of the Board of Directors of the Group to sell 5.01% of the capital of its associate, Al-Jouf Agricultural Development Company, before 16/09/2020, out of its 14.01% stake (before selling) in the share capital of Al-Jouf Agricultural Development Company, Fitaihi Holding Group announces the completion, until the end of the trading day of Monday 14/09/2020, of selling 4.83% in the capital of Al-Jouf Agricultural Development Company, achieving (exceptional) capital gains of 29.95 million SAR.
The positive financial impact of the above-mentioned sale will appear in the consolidated preliminary financial results of Fitaihi Holding Group for the third quarter of the Fiscal Year 2020.
Worth mentioning that Fitaihi Holding Group has three representing members in the Board of Directors of Al-Jouf Agricultural Development Company: Dr. Mohamed Ahmed Hassan Fitaihi, Mr. Omar Riyadh Al-Humaidan, and Mr. Yasser Yehia Abdelhamid.
These sale proceeds will be used to further strengthen the Group's financial position, and its future directions. |
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