{"id":87146,"date":"2024-06-13T00:00:00","date_gmt":"2024-06-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/13\/qassim-cement-is-the-new-owner-of-hail-cement\/"},"modified":"2024-06-13T00:00:00","modified_gmt":"2024-06-13T00:00:00","slug":"qassim-cement-is-the-new-owner-of-hail-cement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/13\/qassim-cement-is-the-new-owner-of-hail-cement\/","title":{"rendered":"Qassim Cement is the new owner of Hail Cement"},"content":{"rendered":"

Tadawul-listed <\/strong>Qassim Cement fully acquires Hail Cement under a <\/strong>share-swap agreement:<\/strong> Qassim Cement (QCC) is set to become the sole owner of Hail Cement (HCC) after the shareholders of HCC approved QCC\u2019s offer for a full takeover, according to a disclosure to Tadawul<\/a>. QCC\u2019s shares dipped 0.5% at market close on Tuesday to SAR 58.2 apiece following the announcement.<\/p>\n

The share-swap agreement will see shareholders of HCC receive 0.21 shares in QCC for<\/strong> every share owned in HCC.<\/strong> 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<\/a>.<\/p>\n

What\u2019s next:<\/strong> HCC will delist from the exchange, and its shares are currently suspended from trading on Tadawul. <\/p>\n

IN OTHER M&A NEWS-<\/p>\n

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

The transaction values Hail Cement at SAR 206 mn<\/p>\n","protected":false},"author":1,"featured_media":87147,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[10,1228,14,392,1189],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam-ksa","tag-hail-cement","tag-ma-watch","tag-manufacturing","tag-qassim-cement","wpautop","entry"],"acf":{"mongo_id":"1080d484-2425-4e5d-9041-19691a237fc1","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1164.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Qassim Cement acquires 100% of Hail Cement under a share-swap agreement","related_issue":[87137],"teaser":"The transaction values Hail Cement at SAR 206 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.3e0e9431-9e59-49b4-861f-9e08b2b1f269.mp3"},"yoast_head":"\nQassim Cement is the new owner of Hail Cement - 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