Logo of City Cement Co.
City Cement Co. and Umm Al-Qura Cement Co. agreed to extend a non-binding memorandum of understanding (MoU) for additional six months to mull a share swap deal.
No financial impact is expected from the extension, the two companies said in separate statements to Tadawul.
Any other material developments in this regard will be announced in due course.
The MoU can be extended upon approval of both parties.
In November 2022, City Cement Co. signed a non-binding MoU with Umm Al-Qura Cement to start talks on a share swap deal, through which City Cement will acquire all issued shares in Umm Al-Qura Cement.
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