Eastern province Cement realizes net gain of SAR 80.7m from selling SIIG shares

The Eastern Province Cement Company said that the reported gain of SAR 80.7m, realized from selling part of its stake in the Saudi Industrial Investment Group (SIIG), represents the net gain of this transaction.

The Cement Company owned 5.4m shares representing 1.2% of total SIIG’s shares before this transaction, the company said in statement without disclosing its current ownership.

According to Argaam’s data, the Eastern Province Cement Company sold part of its stake in SIIG on March 25, 2014. The deal resulted in an extraordinary gain of SAR 80.7 that will affect Q1 of 2014 income statement.