DUBAI: Popular dairy producer Almarai has sold some of its shares in the Saudi unit of Zain telecom, for a cash value of SR81.1 million ($21.6 million).
The company, which also produces a variety of juices, sold 5.6 million shares, according to Argaam, lowering its stake in Zain KSA to 0.4 percent by the end of September from 1.1 percent in June.
Almarai is planning to sell the rest of its remaining stake in the next 12 months, the filing said. It owned 2.5 percent of 35 million shares of Zain KSA when the telecom firm was established in 2008.
The telecom company owes Almarai a total of SR109.6 million in loans.
