Riyadh – Mubasher: Fitaihi Holding Group has sold 4.83% of Al-Jouf Agricultural Development Co, a 14.01%-owned associate, until the end of 14 September 2020, generating capital profits of SAR 29.95 million.
This comes within the group’s strategy and as per the board’s resolution to sell 5.01% of Al-Jouf's capital before 16 September, according to a stock exchange statement on Tuesday.
The transaction’s positive impact will reflect on the group’s consolidated initial financials for the third quarter (Q3) of 2020. Moreover, the sale proceeds will be used to further strengthen the group's financial position and its future directions.
Fitaihi Holding has three representing members in Al-Jouf's board, namely, Mohamed Ahmed Hassan Fitaihi, Omar Riyadh Al Humaidan, and Yasser Yehia Abdelhamid.
