<The Extraordinary General Assemblies of Qassim Cement and Hail Cement approved the acquisition yesterday. The two companies said in separate statements on Tadawul that the two general assemblies agreed to increase the capital of Qassim Cement from 900 million riyals to 1105.59 million riyals for the purpose of acquiring all 97.9 million shares of Hail Cement.

The two companies said in separate statements on Tadawul that the general assemblies agreed to increase the capital of Qassim Cement from 900 million riyals to 1105.59 million riyals.

Qassim Cement explained that the increase will be in accordance with the terms and conditions of the implementation agreement, provided that this increase will take effect upon the approval of the Extraordinary General Assembly of the transaction for both Qassim Cement and Hail Cement, and the completion of the acquisition deal.

In turn, Qassim Cement announced that it will increase its capital from SAR 900 million to SAR 1105.59 million for the purpose of acquiring all the shares of Hail Cement. In turn, Hail Cement announced that the acquisition deal with Qassim Cement is effective after the Extraordinary General Assembly approved the offer submitted by Qassim Cement to acquire all shares in Hail Cement, in accordance with the provisions of Article (26) of the Merger and Acquisition Regulations (the “Transaction”).

Hail Cement revealed that the increase in the number of shares in Hail Cement is subject to the terms and conditions of the Implementation Agreement. In a statement on Tadawul's website, Hail Cement revealed that the decisions of the transaction are effective, and accordingly, trading in Hail Cement's shares has been suspended until the de-listing of Hail Cement from the Saudi Stock Exchange (Tadawul).

Hail Cement explained that as a result of the transaction, Hail Cement's shares have been de-listed from the Saudi Stock Exchange. <As a result of the transaction, Hail Cement shares will be delisted from the Saudi Stock Exchange (Tadawul) and Hail Cement will become a wholly owned subsidiary of Qassim Cement, and Qassim Cement, through its capital increase, will issue 20.56 million shares with a par value of SAR 10 per share in Qassim Cement to the shareholders of Hail Cement, registered in the shareholders“ register of Hail Cement at the Securities Depository Center (Edaa) by the end of the trading period on Monday, June 10, 2024.