Qassim Cement signs deal to acquire 100% of Amix Ready Mix for SAR 65M

Logo of Qassim Cement Co.

Qassim Cement Co. signed on Sept. 8 a share purchase agreement with the shareholders of Amix for Ready Mix Concrete Co. to acquire 100% of the company’s shares for SAR 65 million.

According to a statement to Tadawul, completion of the transaction and transfer of the shares are subject to several conditions precedent, including obtaining the required regulatory approvals and permits from the relevant authorities, including the General Authority for Competition’s non-objection, as well as fulfilling the regulatory requirements and contractual procedures agreed upon by the parties.

Qassim Cement clarified that signing the share purchase agreement does not result in the immediate transfer of ownership, noting that the shares will be transferred after all conditions and requirements for completing the transaction have been fulfilled.

The company added that the transaction consideration will be paid to the sellers in three installments, in accordance with the terms and conditions of the agreement. The transaction will be financed through existing credit facilities from commercial banks that comply with Shariah principles.

Amix’s principal activity is the production, manufacturing, marketing, and sale of ready-mix concrete.

Amix Key Financial Info

Qassim Cement said the transaction is in line with its strategy to enhance the building materials value chain through vertical integration, expecting it to contribute to revenue diversification.

There are no related parties to the deal, the cement producer noted, adding that it will announce any material developments related to the deal in accordance with the relevant laws and regulations.