Qassim Cement gets GAC’s nod to fully acquire Hail Cement

Logos of Qassim Cement Co. (QCC) and Hail Cement Co. (HCC)

The General Authority for Competition (GAC) issued, on Feb. 14, a no-objection to the completion of the economic concentration between Qassim Cement Co. (QCC) and Hail Cement Co. (HCC), the companies said in two separate statements to Tadawul.

Qassim Cement will buy out Hail Cement via a securities swap, the statements added.

The transaction is still subject to the approvals of the Capital Market Authority (CMA), the Saudi Exchange (Tadawul), and the extraordinary general meetings (EGM) of both companies, in addition to other conditions stated in the confirmation statement.

Any relevant material developments will be duly revealed, the statements added.

Qassim Cement signed, on Dec. 21, a binding agreement with Hail Cement to buy the latter through a share swap, Argaam reported.

QCC signed on Sept. 25, 2022, a non-binding memorandum of understanding (MoU) with HCC to commence discussions on a share-swap deal, under which Qassim Cement will fully acquire Hail Cement, Argaam reported.