Ash-Sharqiyah Development offloads stakes in United Dairy, Pure Poultry for SAR 9.8 bln

04/03/2015 Argaam

 

 

Ash-Sharqiyah Development Co. accepted on Tuesday a bid submitted by Omran Real Estate Development Company to buy its holdings in United Dairy Farms Co. (Al Mutahida) and Pure Breed Poultry for a combined value of SAR 9.8 billion.

 

​Saudi Arabia-based ​Omran  purchased Ash-Sharqiyah’s 8.28 percent-stake in the dairy producer for SAR 2.5 million, as well as its 6.45 percent-stake in the poultry producer for SAR 7.3 million.

The company said in a statement to Tadawul, Saudi's​ bourse, that a legal adviser would be hired to complete the procedures required for the transfer.

The divestment will bolster Ash-Sharqiyah’s financial results over the coming period, the company​

 added.  

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