Saudi Lime inks acquisition deal with Astra Industrial, Tharawat Mining

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Riyadh - Saudi Lime Industries Company penned a conditional binding with Astra Industrial Group and Tharawat Mining Company to fully acquire Astra Mining Limited Company.

The parties agreed to complete the transaction within three months from the signing date of 21 February 2024, according to a bourse filing.

Saudi Lime will pay SAR 35 million to acquire the company shares, while the settlement of company debt to local banks hit SAR 129.60 million. Accordingly, the total maximum amount stands at SAR 164.60 million.

Until implementing the conditions of the transaction, the ownership and management of the company will remain with Astra Industrial Group and Tharawat Mining.

Saudi Lime highlighted that it will secure banking financing from one of the Saudi banks to cover part of the transaction value, with the remainder being paid through the company's resources. The listed firm also expected that the deal would reflect on its income statements during the second quarter (Q2) of 2024.

Last July, Saudi Lime appointed Abdulaziz Majid Al Kassabi and Abdulaziz Tariq Al Bassam as the Chairman and Vice Chairman, respectively.