Saudi-based City Cement Co (CCC) has reached an agreement with Umm Al Qura Cement Co to acquire its entire stake by increasing capital through issue of new shares in the company.
Following the capital hike resulting from the transaction, the shareholders of Umm Al Qura Cement will own 30.4 per cent of its capital, said CCC in its filing to the Saudi Tadawul bourse.
CCC said it had in October announced a share-swap agreement with Umm Al Qura Cement Co, under which it would be acquiring all the company shares in exchange for newly-issued shares in CCC.
