2016-05-24 (1437/08/17) 16:17:36
Saudi Cement Company, hereby, announces that on 24-05-2016 has signed a contract for selling its total shareholding of 40% in Group International Cement Company (Kuwaiti closed joint stock co.) for total value of KWD1,989,162 ( Kuwaiti Dinars, One Million, Nine Hundred Eighty Nine Thousand One Hundred Sixty Two).
The financial impact will be an increase in the profit of the company, during the second quarter of 2016, as gain from selling of investment amounting to KWD 50,000 (Kuwaiti Dinars, Fifty Thousand) after considering exchange rate differences ( increase/ decrease) upon receipt of the selling value. Furthermore, the investments in associated companies balance will reduce by the book value of investment in Group International Cement Company and the value received will be added to company cash balances.