Kingdom Holding to sell SRMG stake for SAR 837 mln

01/11/2015 Argaam

Kingdom Holding Co. (KHC), which is 95 percent owned by business tycoon Prince Al Waleed bin Talal, will sell its 29.9 percent stake in Saudi Research & Marking Group (SRMG) for SAR 837.3 million, the company said in a statement to Tadawul.

 

On Sunday, 23.9 million shares of SRMG are set to be sold in a private off-market transaction at SAR 35 per share.

 

The proceeds from the sale will be spent on KHC’s other corporate projects and investment opportunities, while the related financial impact will be reflected on Q4-2015 results, the holding company added.

 

SRMG's shares were suspended on Thursday by the Saudi Capital Market Authority (CMA), pending a disclosure on changes to ownership of major shareholders, Argaam reported. 

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