Tadawul-listed Qassim Cement fully acquires Hail Cement under a share-swap agreement: Qassim Cement (QCC) is set to become the sole owner of Hail Cement (HCC) after the shareholders of HCC approved QCC’s offer for a full takeover, according to a disclosure to Tadawul. QCC’s shares dipped 0.5% at market close on Tuesday to SAR 58.2 apiece following the announcement.

The share-swap agreement will see shareholders of HCC receive 0.21 shares in QCC for every share owned in HCC. This amounts to a total of 20.6 mn shares in QCC at SAR 10 a piece allocated to HCC shareholders. This values Hail Cement at SAR 206 mn, according to Enterprise calculations. QCC has approved a 22.8% capital hike to SAR 1.1 bn to accommodate the share-swap agreement, it said in a disclosure to Tadawul.

What’s next: HCC will delist from the exchange, and its shares are currently suspended from trading on Tadawul.

IN OTHER M&A NEWS-

Nomu-listed Bena Steel Industries has failed to reach an agreement to acquire a 40% stake in British energy solutions provider Alderley, it said in a disclosure to Tadawul. It said it has mutually canceled with Alderley the MoU signed between the two sides in 2023. The MoU was extended in February for an additional six months. Bena also canceled an MoU with Alderley on clean energy, according to a separate disclosure. The reasons behind the termination of the MoUs were not disclosed.

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