Yanbu Cement acquires Shuaiba Industrial's stake in subsidiary for SAR 32.3 mln

Yanbu Cement headquarters

Yanbu Cement Co. completed, on April 20, the legal procedures for the purchase of total shares owned by Shuaiba Industrial Co. in Yanbu Saudi Kuwaiti Paper Products Co.for SAR 32.33 million.

Accordingly, the company became the 100% owner of Yanbu Saudi Kuwaiti Paper Products Co.,  a subsidiary, after purchasing the remaining 40% stake, according to a bourse statement issued today, April 21.

The cement producer funded the transaction from its own resources. The deal's financial impact will reflect in Q1 2022 results.

Fahad Al-Rajhi, Chairman of Yanbu Cement and Yanbu Saudi Kuwaiti Paper Products, is a related party, along with Fahad  Al-Ajlan, board member of Yanbu Cement and Yanbu Saudi Kuwaiti Paper Products.

The stake purchase is part of the company's growth and expansion strategy and provides material and logistical support for its operations. Furthermore, the firm believes in its role in supporting and empowering vital sectors in general, further maximizing the profit for Yanbu Cement's shareholders.

Yanbu Saudi Kuwaiti Paper Products Co. specializes in manufacturing all types of cement paper bags and wholesale trade in cement bags.

The following are the financial statements of Yanbu Saudi Kuwaiti Paper Products for the past three years: