The company said in a statement to the Saudi Market (Tadawul) today, Tuesday, that it is within the framework of the group's strategy and pursuant to the decision of its Board of Directors to sell a portion of 5.01% of its associate's capital. (Al-Jouf) Before September 16, 2020, of its share (before the sale) 14.01% in the capital of (Al-Jouf), (Fitaihi Holding) announces that it has completed until the end of trading yesterday, Monday, selling 4.83% of (Al-Jouf) capital, verifying Capital gains (exceptional) amounted to 29.95 million riyals.
The positive financial impact of the aforementioned sale will appear on the consolidated preliminary financial results of Fitaihi Holding Group for the third quarter of the fiscal year 2020.
It is worth noting that Fitaihi Holding Group has three members on the board of directors of the Al-Jouf Agricultural Development Company, namely Muhammad Ahmad Hassan Fitaihi, Omar Riyadh Al-Humaidan, and Yasser Yahya Abdel-Hamid .
According to the company’s statement to the stock exchange, the proceeds from the sale will be used to further strengthen the group’s financial position and its future directions.
(Amazon Fun Knowledge)
