Riyadh – Mubasher: The extraordinary general meeting (EGM) of Qassim Cement Company approved increasing the capital by 22.80% to SAR 1.10 billion from SAR 900 million.

The Saudi firm will issue 20.55 million ordinary shares with a nominal value of SAR 10 per share, according to a bourse disclosure.

The shareholders greenlighted the company’s capital hike, on 10 June, to fully acquire Hail Cement Company’s shares.

In December 2023, Qassim Cement unveiled the acquisition plans last December through a securities exchange transaction.

During the first quarter (Q1) of 2024, Qassim Cement posted 35.09% higher net profits at SAR 74.22 million, compared to SAR 54.93 million in Q1-23.