Two cement producers in Saudi Arabia are in the amalgamation process and have informed their intention with limited details to the local bourse. According to a notification of both firms at the Saudi Exchange, Qassim Cement Co (QCC) is to acquire all of Hail Cement Co’s shares.
Concerning the announcement made by Hail Cement Co (HCC) on the Saudi Exchange website recently regarding the entry into a binding implementation agreement (the “Implementation Agreement”) with Qassim Cement Co (QCC), pursuant to which QCC has agreed to make an offer to HCC’s shareholders to acquire all shares of HCC.
The company notes that the transaction remains subject to several other conditions, including obtaining the approvals of the Capital Market Authority and the Saudi Exchange, obtaining the requisite approval of the shareholders in the extraordinary general assemblies of HCC and QCC, and other conditions.
HCC will make further announcements as and when material developments occur in relation to the Transaction.
