GulfBase Live Support
03/11/2015 11:25 AST
Kingdom Holding Company (KHC) has sold its entire shareholding in Saudi Research & Marking Group (SRMG) in a private off-market transaction. The number of shares sold is 23,923,296, 29.9 per cent of the total shareholding of SRMG. The sale price was SAR 35.00/share and the total consideration was SAR 837,315,360. The transaction was completed 1 November 2015.
SMRG itself reported to the Tadawul that the shares had been purchased by funds controlled by National Commercial Bank (NCB). The National Capital Fund No.4 owns 25.3 per cent of SMRG and NCB Capital Fund No.13 owns 29.9 per cent, taking the bank’s total interest in the group to 55.21 per cent. SMRG said it had received letters from the funds saying that they intended no radical changes in the overall strategy of the group, and that they do not intend to bid for the outstanding shares.
Kingdom Holding said the proceeds from the transaction will be redeployed for other corporate projects and investment opportunities in line with KHCs strategic objectives. The sale will be recorded in the fourth quarter results of 2015.
SMRG is the Middle East’s largest integrated publishing group, engaged mainly in providing information products and services by publishing newspapers and magazines across the Middle East and globally. The company owns fifteen daily, weekly and monthly newspapers and magazines, including Asharq Al Awsat and Arab News.
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