Taiba Holding sells stake in SABIC for SAR 523 mln

02/08/2018 Argaam

 

Taiba Holding Company (Taiba) divested 3.62 million shares of its stake in Saudi Basic Industries Corp. (SABIC) in Q2 2018 for a total of SAR 523 million.

 

The company recorded a gain at 10 percent of the equity acquisition value, Taiba's second-quarter financial statements showed.

 

Taiba's full stake, which stands at 4.08 million shares, accounts for 0.14 percent of SABIC's 3 billion shares, according to Argaam data.

 

Taiba's Q2 2018 net profit dropped 5 percent year-on-year to SAR 46.5 million.

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