Najran Cement signs MoU to buy stake in Ayan subsidiary

Logo of Najran Cement Co.

Najran Cement Co. signed on Oct. 18 a non-binding memorandum of understanding (MoU) with AYAN Company for Commerce and Industry , under which the cement producer will study the feasibility of purchasing a minority stake of 20-25% in one of the Ayan’s subsidiaries that operates in the building materials manufacturing.

In a Tadawul statement, Najran Cement said the MoU is effective until Dec. 31, 2023, and can be renewed with the approval of both parties.

The deal does not have related parties.

During the MoU duration, the company will evaluate the investment opportunity and carry out the necessary due diligence.

Any material developments in this regard will be announced in due course, the statement noted.

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