GulfBase Live Support
02/11/2015 06:08 AST
Kingdom Holding Company (KHC) announced Sunday in a statement that it will sell its entire shareholding in Saudi Research & Marking Group (SRMG) in a private off-market transaction.
The number of shares sold is 23,923,296 which is 29.9% of the total shareholding of SRMG. The sale price will be SR35.00/share and the total consideration will be SR837,315,360.
“The transaction will be completed during the trading day today (Nov. 1, 2015,” it said.
The proceeds from the transaction will be redeployed for other corporate projects and investment opportunities which are in line with KHCs strategic objectives. The sale will be recorded in the fourth quarter results of 2015.
Kingdom Holding has stakes in some of the world’s top companies, including Citigroup and microblogging site Twitter.
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