Yamama Cement signs MoU to set up metal investment firm

Logo of Yamama Cement Co.

Yamama Cement Co. signed on Dec. 25, a non-binding memorandum of understanding (MoU) with Obeikan Investment Group and Sultan Holding Co. (SHC) to establish an investment holding firm in Saudi Arabia, specialized in the production of metals (lithium, graphite, silica, etc.).

The company said in a statement on Tadawul today that the financial impact will be determined later, noting that it will announce any developments in due course.

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On Dec. 16, Yamama Cement’s board of directors approved a plan to sign a non-binding MoU with Obeikan Investment and SHC, to establish a holding company for investment in the metals industry in Saudi Arabia, according to data available with Argaam.