Qassim Cement’s shareholders pass capital raise to fully acquire Hail Cement

Fahad Shadeed

The Saudi firm will issue 20.55 million ordinary shares with a nominal value of SAR 10 per share, according to a bourse disclosure

Staff Writer, Mubasher

June 11, 2024

PHOTO

The extraordinary general meeting (EGM) of Qassim Cement Company approved increasing the capital by 22.80% to SAR 1.10 billion from SAR 900 million.

The Saudi firm will issue 20.55 million ordinary shares with a nominal value of SAR 10 per share, according to a bourse disclosure.

The shareholders greenlighted the company’s capital hike, on 10 June, to fully acquire Hail Cement Company’s shares.

In December 2023, Qassim Cement unveiled the acquisition plans last December through a securities exchange transaction.

During the first quarter (Q1) of 2024, Qassim Cement posted 35.09% higher net profits at SAR 74.22 million, compared to SAR 54.93 million in Q1-23.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.