Al Akaria to sell its 50% Al-Marifa equity to Knowledge City

01/11/2017 Argaam

 

Saudi Real Estate Co. (Al Akaria) unveils plans to sell its 50 percent stake in Al-Marifa Al-Akaria to Knowledge Economic City (KEC), in line with its strategy to offload small-sized investments, the realty developer said in a statement to Tadawul.

 

The step came as per the board’s decision dated Feb. 16, 2017.

 

The divestiture is due to be complete by Q4 2017, while the relevant financial impact, represented in around SAR 8 million losses, is forecasted to appear in Q3 2017 financials.

 

Al-Marifa Al-Akaria, which is capitalized at SAR 50 million, was 50-50 percent owned by Al Akaria and Knowledge Economic City (KEC).

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