Najran Cement extends MoU with Ayan for 1 month

01/01/2024 Argaam

Najran Cement Co. extended the memorandum of understanding (MoU) signed with AYAN Company for Commerce and Industry for an additional month ending on Jan. 31, 2024, at the same terms and conditions, according to a statement to Tadawul. 

 

The MoU extension came as the company did not finalize the evaluation of the investment opportunity and the due diligence process. Any relevant updates will be duly announced, the statement added.

 

Any relevant updates will be duly announced, the statement added.

 

Najran Cement signed on Oct. 18, 2023, a non-binding MoU with Ayan, under which the cement producer will study the feasibility of purchasing a minority stake of 20-25% in one of the Ayan’s subsidiaries that operates in the building materials manufacturing, Argaam reported.

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