Saudi Industrial Export Co. (SIECO) offloaded 1 million shares, or a 3.846% stake in Warehousing and Logistics Services Co., a closed joint-stock firm, for SAR 4 a share, totaling SAR 4 million, the company said in a bourse filing.
The relevant financial impact will be revealed by year-end, the statement added.
SIECO’s cost of investment in the logistics company stood at SAR 11 million, and the investment was valued at SAR 6.12 million as on Q2 2020.
In 2008, SIECO announced investing in Warehousing and Logistics Services, which provides logistics services and solutions in the Saudi market and the GCC, and is capitalized at SAR 260 million, Argaam reported.
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