Riyadh – Mubasher: Bawan Company has sold its entire stake in Bina Industrial Investment Holding Company (Bina Holding), which represents the concrete industries sector for the listed firm, to Ahmad Al Osaimi for a total value of SAR 76.70 million, according to a bourse disclosure.
The deal value will be paid in 24 equal monthly instalments starting from 1 August 2023. However, the unpaid amounts of the sale price will be subject to interest at prevailing commercial rates.
Bawan noted that the transaction was carried out on 21 September this year, adding that the sold equity represents 56.75% of its capital and holds a book value of SAR 52 million.
It further stated that the sale deal is expected to generate a capital gain of nearly SAR 3 million in addition to a financial interest income during the payment duration.
Bawan will use the proceeds of the asset sale to endorse its financial position and invest in new opportunities.
