Eastern Cement board approves subsidiary capital increase

25/12/2024 Argaam
Logo ofEastern Province Cement Co.

Logo of Eastern Province Cement Co.

Eastern Province Cement Co.’s board of directors approved today, Dec. 25, a capital increase for its subsidiary, Prainsa Saudi Arabia for Precast Concrete, from SAR 55 million to SAR 145 million, according to a statement to Tadawul.

 

The increase will be funded by capitalizing a SAR 90 million loan from Eastern Cement, as reflected in Prainsa’s non-consolidated financial statements as of Dec. 31, 2023, the statement added.

 

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Eastern Cement explained that the move aims to enhance Prainsa’s financial position.

 

Prainsa, fully owned by Eastern Cement, was founded in 2007 and is a leading provider of precast concrete, contributing to various projects across Saudi Arabia.

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