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Northern Region Cement Co. Announces Sale of all its shares in the Cement Experts Company for Development and Investment in the value of 55 million US dollars.
3004
NORTHERN CEMENT
-1.38
%
1445/08/03 13/02/2024 15:40:21
| Element List | Explanation |
|---|---|
| Introduction | The Northern Region Cement Company announces the signing of an agreement to sell its entire shares, which represent 50% of the Cement Experts Company for Development and Investment, which owns 51% of the joint investment in the Al-Kubaisa factory in Iraq, to the Emirati company AMP Global Trading. |
| Transaction Details | The Northern Region Cement Company agreed to sell its entire 50% stake in the Cement Experts Company for Development and Investment and invested 51% of the joint investments in the Al-Kubaisa Factory in Iraq. |
| Transaction Value | 55 million US dollars. |
| Transaction Terms | N/A |
| Parties of the Transaction | 1. Northern Region Cement Company 2. AMB Global trading- UAE |
| Transaction Funding Method | N/A |
| Transaction Execution Date | 2024-02-13 Corresponding to 1445-08-03 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Investments in the cement industry in Republic of Iraq. |
| Asset Book Value | 42.9 million US dollars. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Available in the Company's financial statements. |
| Transaction reasons | Entering into other strategic partnership that entails the Company to expand its investment in the promising markets. |
| Expected Impact of the Transaction on the Company and Its Operations | N/A |
| Details of Using The Proceeds of the Asset Sale | Inject in external investments with promising opportunities and repayment of a part of the high-cost loans in light of the current high financing cost rates. |
| Related Parties | N/A |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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