Saudi Arabia’s Kingdom Holding Company (KHC), a diversified conglomerate, has announced that it will sell its entire shareholding in Saudi Research & Marketing Group (SRMG) in a private off-market transaction.

The number of shares sold is 23.92 million, which is 29.9 per cent of the total shareholding of SRMG, a statement said.

The sale price will be SR35 ($9.32) per share and the total consideration will be SR837.3 million ($223.3 million).

The transaction will be completed during the trading day today (November 1), according to the statement.

The proceeds from the transaction will be redeployed for other corporate projects and investment opportunities which are in line with KHCs strategic objectives. The sale will be recorded in the fourth quarter results of 2015.

SRMG is the publisher of influential pan-Arab newspaper Asharq al-Awsat and one of the largest media companies in the Middle East, as well as Saudi newspapers Al-Iqtisadiyah and Arab News. – TradeArabia News Service & Reuters