Saudi's City Cement to incorporate waste and recycling subsidiary

The company said the subsidiary will be incorporated with capital of $133,000

  
An Asian labourer looks on as he works at the construction site of a building in Riyadh, Saudi Arabia. Image for illustrative purposes.

An Asian labourer looks on as he works at the construction site of a building in Riyadh, Saudi Arabia. Image for illustrative purposes.

REUTERS/Faisal Al Nasser

The board of Saudi’s City Cement Company has agreed to incorporate a new waste, environmental and recycling subsidiary LLC with registered offices in Riyadh.

The company announced in a statement to the Saudi Stock Exchange (Tadawul) today that its board of directors had approved the LLC company, which will fully be owned by City Cement and incorporated with SAR 500,000 ($133,000) capital.

“This trend comes in line with the company’s strategy, and any developments in this regard will be announced in due course,” the statement said.

City Cement posted a profit of SAR 220 million in 2020, up from SAR 190 million in 2019.

(Writing by Imogen Lillywhite imogen.lillywhite@refinitiv.com; editing by Daniel Luiz)

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© ZAWYA 2021

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