Umm Al Qura Cement uses IPO proceeds to fund plant project

Umm Al Qura Cement Co. (UACC ) has used SAR 265.6 million of the SAR 275 million in total proceeds from its recent initial public offering (IPO) to fund the construction of a cement plant during the first half of 2015.

The remaining SAR 9.4 million was spent on costs associated with the IPO, the cement producer said in a statement to Tadawul.

The plant’s engineering services offshore phase is said to be 88 percent completed, while UACC’s onshore Portland cement unit is 61 percent finished.

The Saudi Arabia-based cement producer has partnered with Sinoma International on the project.