Northern Region Cement sells entire stake in Jordan’s Cement Experts: Tadawul-listed Northern Region Cement Company signed an agreement to offload its entire 50% stake in Jordan’s Cement Experts Co. for Development and Investment to UAE-based AMP Global Trading in a transaction valued at USD 55 mn, it said in a disclosure to Tadawul yesterday. The transaction also sees the UAE-based company grabbing a 51% stake owned by Cement Experts in a joint investment in Iraq’s cement plant Al Kubaisa.

Where the funds are going: Northern Region Cement said the sale comes as it seeks the entry into other “strategic partnerships” as part of its plan to expand investments in “promising markets''. It also aims to repay a part of its debt amid the current high financing cost rates.

ICYMI- The Northern Region Cement agreed in December to sell 49% of its investments in Iraq to Iraqi company Al Diyar Al Iraqia in a USD 44 mn transaction.

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