Aseer divests full stake in Watan Pac for SAR 81 mln

28/10/2015 Argaam

Aseer Trading, Tourism & Manufacturing Co. sold its 50.4 percent stake in National Packing Products Co. (Watan Pac) for SAR 81 million, the company said Wednesday in a statement on the Saudi bourse, Tadawul.

 

Share transfer will be effective as of today, Oct. 28.

 

Aseer said it expects capital gains of nearly SAR 7.3 million from the deal which will be reflected in the fourth quarter of this year.

 

The sale came as part of the company’s plan to focus on investing in certain strategic segments.

 

Watan Pac is a limited liability company operating in paper packaging. The company reported net profit of SAR 11 million and SAR 1.4 million in 2012 and 2013, respectively. However, it incurred a net loss of SAR 3.2 million last year.

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