Saudi Real Estate Co. (Alakaria) sold its entire stake of 6.1% in Hail Cement Co. for SAR 96.9 million, the real estate developer said in a bourse filing.

 

Alakaria generated SAR 36.9 million in profit from the divestiture.

 

The book value of the offloaded stake – 6.1% or 6 million shares - stood at SAR 60 million, and the stake divestiture came within the real estate developer’s new investment strategy, the statement added.

 

The 6 million shares accounts for 6.1% of Hail cement’s share capital reaching 97.9 million shares, Argaam reported.

 

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