The Saudi Advanced Industries Company recently sold its shares in four local companies for more than 20 million Saudi riyals ($5.33 million), reported the London-based Al-Hayat daily.
Chairman of the Board, Abdullah Al-Hudaithi, stated that the decision to sell came in response to a recommendation by an international financial consulting house, on the grounds that the companies were non-profitable.
Following the advice, the Saudi joint stock company sold five percent of the Middle East Airplanes Engines Company, 14 percent in the Airplanes Supplies Company, 20 percent in Military Clothes and Supplies Company and two percent in Nabati Oils Company. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)
