Amal Financial Group has announced the sale of 18.7 million shares in Amal Global Financial, a publicly traded company based in Saudi Arabia, for a total of 201.677 million Riyals (approximately 197.28 million Dirhams).
According to a disclosure made to the Dubai Stock Exchange, the initial acquisition cost of the sold shares amounts to 163.07 million Dirhams (167.94 million Riyals), representing 10.87% of the company’s capital.
This transaction marks a divestment from non-core business activities, enabling the company to reallocate its capital in alignment with its strategic objectives.
The transaction is not expected to negatively impact the company’s ongoing operations or the rights of its shareholders.
The proceeds from the sale have been received in the company’s account, and the firm plans to utilize these funds to enhance growth opportunities. It was also noted that approval from shareholders for the disposal of investments outside the UAE was obtained during the general assembly meeting held on April 21.