Saudi Arabian Amiantit announced its expectation, on Monday, of two agreements to sell its shares in its investments in the Kingdom of Morocco.

The company said in a statement to the Saudi market (Tadawul), today, Tuesday, that it has sold all its direct shares in AMITEC Morocco, which operates in the manufacture of fiberglass tubes, amounting to 1.09 million shares It represents 50% of the capital of that company to the Austrian company Amiblo, in which Amiantit owns 50% of its capital.

The value of the transaction amounted to 2.7 million euros, equivalent to about 12.026 million Saudi riyals.

She explained that the financial impact of the deal is to achieve a net accounting profit of 16.98 million riyals, and this amount represents the selling price plus receivables that were previously amortized at a value of 4.95 million riyals. This is because the company has fully amortized the value of this investment in 2018, including receivables owed to Amiantit company from AMITEC Morocco, and since the book value of this investment currently in the books of Amiantit company is zero, there will be net cash generated from the result of this operation at an amount 12.026 million riyals.

The company also announced the sale of all its shares in the company Amensos, which works in the trade of pipes and fittings, amounting to one million shares, representing 15% of that company's capital, to the Moroccan company Nereeva. / p>

The value of the deal was 1.43 million euros, equivalent to about 6.35 million Saudi riyals.

and Amiantit explained that the financial impact of the deal is to achieve a net loss of 2.81 million riyals, as the book value of this investment is currently in the books of the company is 9.17 million riyals. / p>

According to the statement, the net final result of selling the two investments is an accounting profit estimated at 14.16 million riyals, and this financial impact will appear in the fourth quarter of 2020.

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The company also noted that the aforementioned sums are a result of the reversal of the euro exchange rate against the Saudi riyal on Monday, November 23, 2020, which may change at the time of collecting sale amounts. < / p>