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National Building inks MoU to sell stake in Scienpharma for SAR 23 million

2018-12-23 09:01:48 GMT (Economies.com)
 

National Building & Marketing Co. announced it signed a memorandum of understanding (MoU) to sell its 65% stake in Scienpharma for SAR 23 million, according to a bourse statement.

 

The MoU will remain valid for three months, the company said, adding that the financial impact of the deal will be defined later in case the final sale agreement is concluded.

 

Chairman Fahad bin Thonayan Al-Thonayan said the move comes as part of the company’s strategy of  focusing on enhancing operations in industrial production sectors that are indirectly related to the government procurement sector.

 

The company earlier posted SAR 8.1 million net profit for the third quarter of 2018, compared with SAR 9.1 million in prior-year period. It also generated SAR 20.1 million net profit in the first nine months of 2018, compared with SAR 20.3 million in the corresponding period of 2017.

 
 
 
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