Abu Dhabi – Mubasher: Arkan Building Materials (Arkan) on Tuesday announced that its board has nodded to permanently shut down Emirates Cement Company located in the city of Al Ain.

In 2018, the company also announced a tender for the sale of the cement facility on the back of exploring all available avenues to dispose of the assets, according to a filing to the Abu Dhabi Securities Exchange (ADX).

The tender has been awarded to the highest contender for a total of AED 50 million, including the value-added tax (VAT).

The company noted that it has received AED 21.9 million of the total amount recognised in the 2018 financials as other income. 

By the end of Tuesday’s session, Arkan’s stock stood at AED 0.47.