Saudi Arabian Amiantit announced on Monday that the group sold its 70 percent ownership in Jos Hansen & Soehne, GmbH, a German trading company established in Hamburg, for 4 million euros (about SR19.7 million).
The sold shares have been bought back by the subsidiary itself.The sale was made at a price equivalent to the value of the investment in the books of the group as of June 30, 2013, and no capital gain (losses) will ensue in the current quarter. The disinvestment is motivated by the fact that neither the scope of activities of this company nor the geographical territories in which it operates are aligned with the core lines of business of the Amiantit Group.
Amiantit sells 70% stake in Jos Hansen & Soehne
