Riyadh-based food and beverage company Almarai JSC said Dec. 31 that it concluded the sale of its 33% stake in United Farmers Holding Co. to Saudi Agricultural & Livestock Investment Co.

Saudi Agricultural & Livestock Investment is one of the founding partners of United Farmers Holding, a business that owns an agricultural company in Ukraine that manages 44,000 hectares of crop production.

Almarai sold the shares for 105 million Saudi riyals, according to the announcement. It plans to use the proceeds of the sale to support the company's business and investments.

The company added that the financial impact of the transaction will reflect in its 2018 fourth-quarter results.

As of Dec. 31, US$1 was equivalent to 3.75 Saudi riyals.