Jarir expects cSAR64mn equity reduction from EGP floatation
Jarir Marketing (4190.SE) announced that the expected impact from the EGP floatation on the company’s FY16 financial statements is cSAR64mn equity reduction, assuming an EGP/SAR of 4.5 at end of 2016. This impact arises from translation losses on assets of Jarir Egypt Financial Leasing Co., a wholly-owned subsidiary of Jarir whose functional currency is EGP. The exacted financial impact will greatly depend on the exchange rate at end of 2016. (Tadawul) Jarir Marketing Co.: SAR99.95 as of 08 November 2016, Rating: Neutral, FV: SAR127.00 per share, MCap: USD2,399mn, JARIR AB / 4190.SE
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