Tuesday, Nov 27, 2007
BEIRUT (Zawya Dow Jones)--Jordan's Ready Mix Concrete & Construction Supplies said Tuesday that its shareholders have accepted the offer of Arabian Cement Bahrain to buy a 19% stake in it for 14.5 million Jordanian dinars ($20.5 million).
The cement manufacturer will buy 2.9 million shares in Ready Mix at JOD5 per share, the company said in a statement on the Amman bourse Web site. The share price consists of a par value of JOD1 and an issue premium of JOD4.
Arabian Cement is considered a strategic partner and the acquisition will boost Ready Mix capital to JOD15 million from JOD12.1 million, the statement said.
Ready Mix, whose major shareholders are corporate investors, is listed on the Amman bourse.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2007 ABQ Zawya Ltd.
(END) Dow Jones Newswires
27-11-07 0959GMT
