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Logos of Qassim Cement Co. and Hail Cement Co.
Qassim Cement Co. (QCC) and Hail Cement Co. will hold the extraordinary general meeting (EGM) on June 10.
In a statement to Tadawul, Qassim Cement said shareholders are set to vote on increasing the capital from SAR 900 million to SAR 1.10 billion to fully acquire the 97.9 million shares of Hail Cement.
Capital Hike Details |
|
Current Capital |
SAR 900 mln |
Current Number of Shares |
90mln |
Percentage of Increase |
22.8% |
New Capital |
SAR1.10 bln |
New Number of Shares |
110.56mln |
Purpose of Capital Hike |
To acquire all shares of Hail Cement in accordance with the provisions of Article 26 of the Merger and Acquisition Regulations issued by the Capital Market Authority's (CMA) Board. |
Method |
Issuance of 20.56 million shares at a nominal value of SAR 10 each to Hail Cement shareholders, by issuing 0.21 share in Qassim Cement for each Hail Cement share. |
Qassim Cement indicated that the capital will be increased in accordance with the terms and conditions of the implementation agreement and will take effect upon approval by both companies’ EGMs.
For more news and details on M&As
In a separate statement, Hail Cement said its shareholders will vote on the offer submitted by Qassim Cement in exchange for issuing 0.21 share in Qassim Cement for each share owned by Hail Cement shareholders, totaling 20.56 million shares with a nominal value of SAR 10 each.
Hail Cement will become an unlisted joint-stock company wholly owned by Qassim Cement, in accordance with relevant regulatory requirements.
Shareholders will vote on the provisions of the implementation agreement signed between Qassim Cement and Hail Cement on Dec. 21, 2023. They will also vote on authorizing Hail Cement’s board of directors, or any person authorized by the board, to issue any decision or take any action that may be necessary to implement any of the aforementioned decisions.
Hail Cement noted that the board of directors’ circular, which includes the board's opinion on the deal, will be published in due course, inviting shareholders to review all documents that will be published successively on the Tadawul website by both companies.
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