SIIG sells stake in PCC for SAR 31 mln

18/10/2017 Argaam

Saudi Industrial Investment Group (SIIG) completed on Wednesday the sale of its 50 percent stake in Petrochemical Conversion Co. Ltd. (PCC) for SAR 31 million, the company said in a bourse statement.

 

The transaction took place through an open bidding process with no related parties involved.

 

Saudi-based PCC reported a net loss of SAR 406 million in 2016, due to tough market conditions and fierce local and global competition.

 

SIIG said in May that it had realized an impairment loss of SAR 1.5 billion in its investment at PCC after applying International Financial Reporting Standards (IFRS), bringing the book value of the investment to zero.

 

Thus, the group will realize a capital gain of SAR 31 million from this deal that will be reflected on Q4 2017 financials.

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