Monday 18 June 2018

Yamama buys stake in Yemeni cement firm

Riyadh, July 4, 2009

Yamama Cement, Saudi Arabia's third biggest cement firm by sales, said on Saturday it had agreed to take a 20 per cent stake in the Yemeni Saudi Cement Company for $15 million.

'The completion of the legal proceedings and the final agreement will be done after obtaining the approval of the assembly of shareholders in Yemeni Saudi Cement Co,' Yamama said in a statement posted on the bourse website.

Yemeni Saudi Cement owns a cement plant near the Yemeni city of Aden with a design capacity of 1.4 million tonnes per year and which is expected to start production next year.

Jehad al-Rasheed, Yamama's top executive, said in June his firm would offset the impact of an export ban on its earnings by investing abroad if the year-long blockage lasted longer. – Reuters

Tags: Stake | Riyadh | Yamama Cement | Yemeni Saudi |

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