Saudi Cement buys 37% share of United Cement

Saudi Cement Co has acquired a 37 per cent stake in United Cement Industrial Co (UCIC) for SAR28m (US$330,426), as announced in Saudi Cement’s 2Q21 company report.

Accordingly, Saudi Cement increased its stake in the subsidiary from 63 to 100 per cent.

The company purchased items of property and equipment for SAR24.94m in the 1H21, while additions to capital work in progress amounted to SAR9.35m.

UCIC, which was established in 2013, operates a 2Mta integrated cement plant at Al-Sadiya, Makkah province, 116km south of Jeddah.