Miahona Co. announced that Vision International Investment (Vision Invest) sold 16.1 million shares, equivalent to 10% of its stake in the company, to investors on Wednesday.
Partial Divestiture of Majority Share
Miahona announced the divestiture by Vision Invest in a statement to Tadawul. According to Miahona, Vision Invest notified the water utilities firm earlier this week on the 25 November.
However, Vision Invest will continue to hold 60% stake in the water company irrespective of the partial sell-off.
Reallocation to Foreign Markets: Africa
It comes as the investment firm reallocates its capital as part of a shake-up to its strategy to refocus investment overseas, diversifying its portfolio of investments in Africa and Europe.
Vision Invest recently announced a recent landmark investment of $700 million in Arise Integrated Industrial Platforms (Arise IIP): a developer of industrial zones across 14 African markets.
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