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City Cement Company announces that its subsidiary (Green Solutions for Environmental Services Company) has established a limited liability company under the name (Innovative Solutions for Environmental Services Company) owned by 51% of Tadweer Environmental Services Company, 29.4% of the subsidiary Green Solutions Environmental Services Company, and 19.6% of the subsidiary Company Lechtenberg Midd
| Element List | Explanation |
|---|---|
| Announcement Detail | City Cement Company, through its subsidiary, "Green Solutions for Environmental Services Company", provides environmental solutions to the waste management industry, including operating landfill facilities by recycling different waste streams in producing alternative fuels, substituting fossil fuels and its feeding applications to thermal energy for the intensive Fuel and Energy consumption industries - Has established the Innovative Solutions for Environmental Services Company with a capital of six million seven hundred and seventy thousand (6,770,000) Saudi riyals, with an ownership percentage of 29.4% for Green Solutions for Environmental Services (related party) (self-financing from company sources) in partnership with Tadweer for Environmental Services Company by 51%, which is owned by the Saudi Investment Recycling Company (SIRC), a Public Investment Fund company, and by 19.6% by Lechtenberg Middle East for Environmental Services Company (related party). Which is 80% owned by Al-Abdullatif Group Holding Company (related party) and 20% owned by Lechtenberg Holding Company (related party). Whereas Mr. Badr Omar Suleiman Al-Abdullatif, Chairman of the Board of Directors of the Green Solutions for Environmental Services Company, owns a share in the Al-Abdullatif Group Holding Company (owns more than 5% of City Cement Company), and whereas Mr. Dirk Lechtenberg, a member of the Board of Directors of the Green Solutions Company for Environmental Services owns in Lechtenberg Holding Company. The newly established company will produce alternative fuel from waste and market it locally and internationally. Details of the project will be announced later, as the project will also contribute to reducing dependence on fossil fuels, reducing carbon emissions, and contributing to the Kingdom's transformation into a circular economy in line with the outcomes of the Kingdom's Vision 2030. And the Kingdom of Saudi Arabia's initiative to reduce global carbon emissions by 4% to achieve carbon neutrality by 2050. And in line with the objectives of City Cement Company regarding sustainability and its impact on attracting foreign investors in light of the commitment to apply sustainability standards. It should also be noted that the subsidiary company, Green Solutions For Environmental Services Company, signed a settlement agreement with Lechtenberg Middle East for Environmental Services Company (related party) to obtain an amount of (1,314,000) Saudi riyals in exchange for selling machinery and equipment – owned by the subsidiary company Green Solutions for Environmental Services – (After being evaluated by an independent accredited evaluator) in favour of the Lechtenberg Middle East Environmental Services Company in return for the Lechtenberg Middle East Environmental Services Company entering the price of machinery and equipment as an in-kind share in the new company, the Innovative Alternatives Company for Environmental Services. As later will be announced any developments and expected positive financial impact, God willing. |
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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