Riyadh – Mubasher: Saudi Advanced Industries Co. (SAIC) has signed a four-month memorandum of understanding (MoU) at a value of SAR 100 million ($26.67 million) to sell its 10% stake in Alsalam Aerospace.
The deal was inked on Monday, 10 December, while its financial impact will be specified over the coming period, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
SAIC last reported a 24.75% year-on-year growth in its net profits after calculating Zakat and Tax during the third quarter of 2018, registering SAR 12.25 million, from SAR 9.82 million.
From January to September, the company’s net profits after calculating Zakat and Tax jumped 49.4% to SAR 31.05 million, versus SAR 20.78 million in the corresponding period last year.
SAIC’s stock inched down 0.16% to close Monday’s trading session at SAR 12.28.
