The extraordinary general assemblies of Qassim Cement and Hail Cement approved the acquisition at their meetings yesterday.

The two companies said in separate statements on Tadawul that the two general assemblies approved increasing Qassim Cement's capital from SAR 900 million to SAR 1105.59 million, for the purpose of acquiring all 97.9 million shares of Hail Cement.

She explained Qassim cement The increase will be in accordance with the terms and conditions of the Implementation Agreement, provided that this increase will be effective upon the approval of the EGM of Qassim Cement and Hail Cement, and the completion of the acquisition transaction.

In turn, Hail Cement Company announced the effectiveness of the acquisition deal with Qassim Cement Company, after the Extraordinary General Assembly approved the offer submitted by Qassim Cement Company to acquire all the shares in Hail Cement, in accordance with the provisions of Article (26) of the Merger and Acquisition Regulations (the “Transaction”).

In a statement on Tadawul's website, Hail Cement revealed that the decisions of the transaction are effective, and accordingly, trading in Hail Cement shares has been suspended until Hail Cement is delisted from the Saudi Stock Exchange (Tadawul).

As a result of the transaction, Hail Cement's shares will be delisted from the Saudi Stock Exchange (Tadawul) and will become Cement Through the capital increase, Qassim Cement 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.