Saudi Cement Co. purchased the stake of Esterad Investment Co. in Bahrain’s United Cement Co. for BHD 2.3 million (SAR 23 million), Esterad said in a bourse statement.
The sale agreement is expected to reflect positively on Esterad’s Q4 2019 financial statements.
“The deal is expected to help boost United Cement’s operating efficiency and growth rates,” stated Esterad Vice Chairman Abdulrahman Jamsheer.
Saudi Cement owned a stake of 36% in United Cement before the recent sale deal, according to data available on Argaam.
United Cement was initially incepted in 1999 as a joint venture between Saudi Cement and Esterad, and then Bahrain Bulk Handling Ltd bought a stake and became an additional shareholder in the firm.
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