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Savola Group Announces the latest developments on the Share Sale Agreement of its stakes in Knowledge Economic City Company and Knowledge Economic City Developers Company Limited for an amount of SAR 459 million.
| Element List | Explanation |
|---|---|
| Introduction | With reference to the Savola Group Announcements on the Saudi Exchange website (Tadawul) on 11/08/2022 regarding the Sale of its stakes in Knowledge Economic City Company and Knowledge Economic City Developers Company Limited to Taiba investment Company for an amount of SAR 459 million and its announcement dated 30/11/ 2022 regarding the extension of the agreement closing period, the Group (the “Seller”) is pleased to announce the completion of sale regulatory requirements pertaining to the (direct and indirect) shares to Taiba investment Company (the “Buyer”) on 28/12/2022 and the full value of the transaction was received by the Group. It's worth mentioning that the transaction has generated cash proceeds amounting to SAR 459 million, resulting in a gain of SAR 39 million, that will be recorded in Other Comprehensive Income, and a gain of SAR 42 million, that will be recorded in the Statement of Profit or Loss in Q4 2022. |
| Previous Announcement | Savola Group Announcement of the Signature of a binding Share Sale Agreement of its Shares in Knowledge Economic City Company and Knowledge Economic City Developers Company Limited for an amount of SAR 459 million. |
| Date of Previous Announcement on Tadawul's Website | 2022-08-11 Corresponding to 1444-01-13 |
| Percentage of fulfilled achievement | 100% |
| Event's Expected Completion Date | NA |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | NA |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
Share
Company Performance
Key Parameters
Last Price 51.3
Net Change -0.2 (-0.39%)
Value Traded (Sar) 24,044,721.6
Volume Traded 467,891
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