SASCO sells its stake in Taqa for SAR 95m

 Saudi Automotive Services Co. (SASCO) signed an agreement to sell its entire stake of 4.75m shares in the Industrialization & Energy Services Company (TAQA) -Saudi Closed Joint Stock Company- at SAR 95m.

 SASCO is to realize a net profit of SAR 47.5m of this transaction that will be reflected in the financial results for the fourth quarter of 2014.

SASCO is to use the proceeds of this deal in its core activities in line with its strategic objectives and expansion plan along with the Board's policy to achieve the best returns for shareholders.

According to Argaam; Taqa specializes in localization of energy-related technology. Several listed companies own stakes in Taqa, including Tabuk Cement, Yamama Cement, Eastern Province Cement.

Last year, the Arabian Pipeline Company sold its stake in Taqa for SAR 168.75m, and Sasco sold part of its shareholding in 2012 for SAR 38m.