Saudi's City Cement makes progress in establishing new subsidiary

The new unit will be fully-owned by City Cement

  
Saudi traders monitor stocks at a Saudi Bank in Dammam October 26, 2008.

Saudi traders monitor stocks at a Saudi Bank in Dammam October 26, 2008.

REUTERS/Stringer
Riyadh – City Cement Company has completed issuance of the Articles of Association and the commercial register needed for setting up a subsidiary specialised in providing environmental services and solutions in waste treatment and recycling, according to a bourse filing on Sunday.

The new unit will be a fully-owned limited-liability affiliate to City Cement at a capital of SAR 500,000.

The listed company’s board approved last March to establish the new subsidiary.

Source: Mubasher

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