Northern Cement acquires Dubai’s Um Qasr for SAR 6 mln

08/02/2018 Argaam

 

Northern Region Cement Co. has fully acquired Dubai’s Um Qasr Northern Cement Co. Ltd. for SAR 6.06 million.

 

The deal was financed from the company’s financial resources, the cement producer said in a bourse statement on Thursday.

 

Jebel Ali-based Um-Qasr Northern Cement Ltd., which has AED 10,000 in capital, owns a 70 percent stake in Iraq’s Um-Qasr Northern Cement, while Northern Cement Co. - Jordan owns a 25 percent holding in the firm.

 

The Saudi-listed firm added that it expects the financial impact from this deal to show in 2018, the statement added.

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