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