SPCC sells stake in Taqa for SAR 225 million

The Southern Province Cement Company sold its stake in the Industrialization and Energy Services Company (Taqa) for SAR 225 million, posting a net profit of SAR 112.5 million, a filing to Tadawul said.

The deal was executed yesterday and a financial impact is expected in the third quarter.

Taqa specializes in localization of energy-related technology. Several companies listed on Tadawul hold stakes in Taqa, including Tabuk Cement, Yamama Cement, Eastern Province Cement.

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