Saudi Cement to sell 40% stake in Kuwaiti firm

Saudi Cement Company announced signing a contract to sell its entire stake of 40 per cent in Group International Cement Company, a Kuwaiti closed joint stock company.

The total value of the contract amounts to KWD1.989m (US$6.58m/SAR 24.7m), the company said in a filing to the Saudi Stock Exchange.

"The financial impact will be seen in the company's profits for the 2Q016 as a gain from selling of investment amounting to KWD50,000 after considering exchange rate differences (increase/decrease) upon receipt of the selling value,” the statement said.

Investments in associated companies' balance will be reduced by the book value of investment in Group International Cement and the value received will be added to company cash balances, Saudi Cement concluded.