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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