Fitaihi divests entire stake in Al-Jouf Agricultural, records exceptional capital gains

02/03/2021 Argaam

A branch of Fitaihi Holding Group

Fitaihi Holding Group completed the sale of its 9% stake in Al-Jouf Agricultural Development Co. by the end of trading today, March 2, according to a bourse statement.

 

The group made exceptional capital gains of SAR 125.7 million from the divestiture, according to the board of directors' decision.

 

The positive financial impact of the sale will reflect on Fitaihi's consolidated preliminary financial results for Q1 2021.

 

The sale proceeds will be used to further improve shareholders' return on equity and achieve the group's vision in line with shareholders' aspirations.

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