Saudi Transport and Investment Co. (Mubarrad) signed on Thursday an agreement to sell a 15 percent stake in Arabian Security Safety Services Co. Ltd. (AMNCO) to Omar Kassem Alesayi Group for a total of SAR 150 million.
The company will maintain its 79.98 percent majority stake in the subsidiary and will continue to consolidate AMNCO’s financial statements, Mubarrad said in a statement to Tadawul.
The book value of the sold stake stood at SAR 36.12 million by the end of September 2016.
The move came as part of Mubarrad’s strategy to boost its finances and future expansions.
Mubarrad added that it expects financial impact of the deal to show on Q1-2017 results, after regulatory procedures are finalized.
No parties from within the company’s board related to the deal, the statement said, adding that the approval of relevant parties will be obtained to complete the sale.