Yamama Cement mulls to sign MoU to set up metals investment company

Yamama Cement Co.’s board of directors approved on Dec. 16 the company’s plan to sign a non-binding memorandum of understanding (MoU) with Obeikan Investment Group and Sultan Holding Co. (SHC).

In a statement to Tadawul, the company said the MoU aims to establish a holding company for investment in the metals industry in Saudi Arabia, including the production of metals such as lithium, graphite, and silica, among others.

The cement producer said that this move aligns with Saudi Arabia’s Vision 2030 and supports its strategy to achieve growth, expand business, and diversify revenue sources.

The company clarified that the MoU has not been signed yet and will be announced later. Once signed, the MoU will be valid until June 30, 2025.

The agreement involved Yamama Cement and SHC’s Chairman Prince Nayef bin Sultan Al Kabeer, Yamama Cement’s Vice Chairman and Obeikan Investment Group’s CEO Abdullah Al Obeikan, and Chairman of Yamama Cement's Audit Committee and SHC’s CEO Raed Al Saif.

The company further stated that the financial implications and future developments related to this agreement will be disclosed later.