Saudi Arabian Amiantit Company has decided to offer for sale its 5.4975 percent interests in Chongqing Polycomp International Corporation (CPIC), one of the major global producers of fiber glass, according to Tadawul website.
In an announcement, the company called for the services of an investment banker to identify candidate buyers.
The reason for this decision is to create liquidities and value for the shareholders of the group as there is growing demand on the market for such investments from institutional investors around the world.
While no specific buyers has yet been identified and no accurate sales value can be communicated at this stage, the group is expecting the CPIC shares to be sold at a profit.
As a result of this decision, the investment will be classified as asset hold for sale on the balance sheet of the company as of fourth quarter 2013.
The current book value of these shares is SR96.7 million, while their acquisition value is SR25.9 million. They were acquired between 2001 and 2005. The period for offer is one year.
The name of the investment bank in charge of the transaction is Grand Avenue Capital LLC.