Qassim sells Cementex to SIDC for SAR 30 mln

03/05/2015 Argaam
Qassim Cement Company
​ (QACCO)​
 signed on Friday an agreement to sell wholly-owned subsidiary, Cement Industries Ltd (Cementex), to Saudi Industries Development Company (SIDC) for SAR 30 million.
 
Cementex, which manufactures ready-mix concrete, had a book value of SAR 50 million according to the company’s statement to Tadawul.
 
The listed cement maker said the deal is not expected to have a negative impact on its financials.
 
Proceeds will be used to repay the subsidiary’s liabilities and operating activities.

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