City and Umm Al-Qura Cement agree to date extension of swap deal

City Cement Co last week announced an update at the Saudi Stock Exchange (Tadawul) regarding extending a non-binding Memorandum of Understanding (MoU) concerning a securities swap deal with Umm Al-Qura Cement Co.

Accordingly, it has been agreed with Umm Al-Qura Cement Co to extend this memorandum with the same previous terms and conditions for an additional six months from the date of expiration of the extension of the MoU. The extension is due to complete the necessary procedures to complete the deal and to carry out financial, legal, commercial and technical evaluations, of the company’s keenness to complete it by regulatory guidelines and to ensure the accuracy of completing the transaction procedures. 

City Cement has appointed the financial advisor, legal advisor, financial and tax due diligence advisor, technical due diligence advisor and commercial due diligence advisor to carry out the due diligence work, conduct the necessary assessments and final negotiations, sign the agreement and apply to the relevant authorities to obtain the required approvals.