Ayan Investments announces the sale of part of its investment stake in a paper company.

Ayan Investment Company announced on Monday, via the Saudi Stock Exchange (Tadawul), the sale of part of its investment stake in the Arab Company for Paper Manufacturing to the Materials Recycling Company for Environmental Services, in a deal valued at 17,230,663 riyals.

Under the acquisition deal, the Materials Recycling Company for Environmental Services will acquire 10% of the current shareholders in the Arab Company for Paper Manufacturing, and in return, the Arab Company will issue new shares to increase the company's capital so that the Materials Recycling Company for Environmental Services will own 35% of the Arab Company for Paper Manufacturing.

According to the statement, Ayan Investment Company owns 2,134,350 shares, which represent 4.7% of the capital of the Arab Company for Paper Manufacturing before the sale deal, and Ayan Investment sold 693,666 shares for 17,230,663 riyals.

Thus, after completing the acquisition deal and the capital increase process, Ayan Investment Company now owns 1,440,684 shares representing 2.31% of the capital of the Arab Company for Paper Manufacturing.

At the close of trading on the Saudi Stock Exchange on Monday, shares of Ayan Investment (TADAWUL: 2140) declined by about 0.13% to close at 14.92 riyals.