Saudi cement exits investment in Kuwaiti cement company for cKWD2mn
Saudi Cement Company( 3030.SE) signed a deal to sell its 40% stake in Kuwait based company, Group International Cement Company, for almost KWD2mn ( cSAR24.7 mn). The company will book a capital gain of KWD50k (cSAR620k) in 2Q16, which is subject to adjustment if a change in FX rates occurs upon receiving payment. Accordingly, the company’s fixed assets account , investment in affiliates, will be reduced by the investment’s book value and the sales proceeds will be added to the company’s cash balance. (Company Disclosure) Saudi Cement: SAR62.75 as of 24 May 2016, Rating: Buy, FV: SAR75.70/share, MCap: USD2,560mn, SACCO AB / 3030.SE
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