Al Abdullatif Industrial Investment Company said on Monday that it has bought a 15 percent stake in Al Reef for Sugar Refining Company in Jazan.

Al Abdullatif's stake is represented in 4.5 million shares worth SAR 45 million.

The company said it will put forward SAR 9 million of the amount from its internal resources as a down payment for the stake.

Al Abdullatif said the investment aims at maximizing the company’s earnings. Its financial impact will materialize in 2017.

Al Reef for Sugar Refining is a Saudi Arabian closed joint-stock company with a total capital of SAR 300 million divided into 30 million shares at a par value of SAR 10 per share.

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