Farm Superstores receives remaining SAR20mn from sale of Lebanon’s subsidiary
Saudi Marketing (Farm Superstores) [4006.SE] announced that it has received the remaining SAR20mn instalment from the company’s chairman, Hazem Fawaz Al-Aswad, for the sale of its 99.95% stake in Lebanese subsidiary Saudi Marketing and Trade Company. The subsidiary, which owns and operates Beirut Mall in Lebanon, was sold for SAR115.9mn (its net book value as of end-2017). The funds will be used to finance the company’s activities and deleverage its balance sheet.
Saudi Marketing (Farm Superstores): SAR15.46 as of 22 Dec. 2019, Rating: Neutral, TP: SAR14.00/share, MCap: USD185mn, SMARKETI AB/4006.SE
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