Northern Cement’s Jordan subsidiary to invest in new Iraq-based company

Northern Cement’s Jordan-based subsidiary will set up a limited liability company in Iraq to undertake a development contract for Basra Cement Plant, Saudi-listed Northern Region Cement Co. said on Thursday.

Northern Cement’s Jordanian subsidiary will finance its 20 percent stake, which is worth JOD 1.64 million (IQD 3 million), in the new company called Umm Qasr Northern Cement Co. Ltd.

The board also approved buying 50 percent of Sarh Zamzam for Investment and Development of Industrial Projects Co., which is listed at the Companies Control Department in Jordan.

Sarh Zamzam’s capital will therefore increase to JOD 100,000 from JOD 50,000, and will also be self-financed by Northern Cement – Jordan.

Northern Cement – Jordan expects positive impact from the deals to show by the end of Q2-20a17.