National Building sells Scienpharma stake for SAR 23 mln

The Nomu-listed National Building & Marketing Co. (NBMC) on Dec. 30 offloaded its 65 percent stake in Scienpharma to Fahad bin Saad Al-Medbal for SAR 23 million, the company said in a bourse filing.

The divested entity has a book value of SAR 26.5 million as on Q3 2018. Its net book value stood at SAR 19.4 million in FY16 and SAR 23.7 million in FY17.

The relevant financial impact will reflect on earnings of Q4 2018. However, the sale deal will result in income statement’s loss of SAR 3.5 million in Q4 2018.

The deal proceeds will go for buying attractive investment assets.

The company recently signed a memorandum of understanding (MoU) with Fahad bin Saad Al-Medbal to sell its 65 percent stake in Scienpharma for SAR 23 million, as it seeks to focus on the industrial sector.