Astra Industrial Group Announces an update on Astra Industrial Group (Astra) announces an update on its announcement that one of its subsidiaries, Al Tanmiya for Steel Industries (Al Tanmiya), signed a conditional agreement for exiting its investment in Alanmaa For Construction Materials Production Ltd. (Alanmaa)
|Introduction||With reference to Astra Industrial Group announcement on 08/02/2022 G ) corresponding to 07/07/1443 H) and further update on 25/04/2022 G ) corresponding to 24/09/1443 H) related to one of its subsidiaries, Al Tanmiya For Steel Industries (Al Tanmiya) owned 65% by the group, has signed a conditional agreement on 07/02/2022 G (corresponding to 06/07/1443 H) with Al-Ghad Al-Mutakamel Company for General Trading, Iron, Steel and Metal Industries for exiting its investment in Alanmaa Company for General Construction Materials Industry Limited (Alanmaa Company), which owns steel and power plants in Iraq, we would like to announce that the company has finalized the accounting treatment with various auditors and reached an estimate on the gain as a result of this transaction.|
|Previous Announcement||Astra Industrial Group (Astra) announces an update on its announcement that one of its subsidiaries, Al Tanmiya for Steel Industries (Al Tanmiya), signed a conditional agreement for exiting its investment in Alanmaa For Construction Materials Production Ltd. (Alanmaa)|
|Date of Previous Announcement on Tadawul's Website||2022-04-25 Corresponding to 1443-09-24|
|Percentage of fulfilled achievement||In compliance with IFRS standards, Astra Industrial Group and its subsidiary, Tanmiah, had to accrue estimated tax liability and expenses that will be imposed on the sale of Alanmaa. |
As the Group has completed the estimation of these expenses and tax liabilities and has cleared accounting treatment with the auditors of Astra Industrial Group and Tanmiya, we would like to announce to the public that the results of second quarter will include consolidated gain of SR182.9M from the sale of Alanmaa of which the group share is SR170.2M as per international financial reporting standards and reporting requirements in the related countries.
For future update or progress on the process completion of discontinued operation accounting treatment and best estimates of transaction expenses, please refer to the subsequent quarterly and yearly group financial statements
|Event's Expected Completion Date||04/08/2022|
|Reasons for Exceeding the Announced End Date||N/A|
|The costs associated with the event, and if they have changed or not with indication of the reasons.||N/A|
|Impact of the Delay on the Company's Financial Results||N/A|
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