Riyadh – Mubasher: Qassim Cement Company signed a non-binding memorandum of understanding (MoU) with Hail Cement Company on 25 September 2022 to acquire the latter’s issued shares.

Upon completing the proposed transaction, Qassim Cement will issue about 18.92 million shares in favour of Hail Cement’s shareholders at a price of SAR 75 per share, according to a bourse disclosure.

Subject to the regulatory approvals, Hail Cement's shareholders will receive 0.1933 newly issued shares in Qassim Cement for every share they own in the former.

Qassim Cement pointed out that it will disclose any further material developments regarding the potential acquisition in accordance with the applicable laws and regulations.

In the first half (H1) of 2022, Qassim Cement generated SAR 54.04 million in net profit after Zakat and tax, down 73.12% from SAR 201.04 million in H1-21.

Meanwhile, Hail Cement shifted to net losses after Zakat and tax of SAR 13.72 million in H1-22, against net profits worth SAR 41.21 million in the year-ago period.