Almarai sells 5.6 mln shares of Zain KSA, eyes divesting entire stake in next 12 months
- Date: 13-Oct-2021
- Source: Argaam
- Sector:Financial Markets
- Country:Saudi Arabia
Almarai sells 5.6 mln shares of Zain KSA, eyes divesting entire stake in next 12 months
Almarai Co. sold 5.6 million shares of its holding in Mobile Telecommunication Company Saudi Arabia (Zain KSA) for a total cash value of SAR 81.1 million during the third quarter of 2021.
Accordingly, the juice and dairy producer lowered its stake in Zain KSA to 0.4% (3.9 million shares) by the end of September from 1.1% (9.5 million shares) in June.
Moreover, Almarai is planning to divest its remaining stake, 3.9 million shares, in the telecom operator within the next 12 months.
The abovementioned sale came after the pledge of its shares in Zain KSA was completed on March 21, 2021 to guarantee the loan provided earlier by Banque Saudi Fransi to the Tadawul-listed telco.
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