YC Plans to Sign Non-Binding MoU to Establish Minerals Industry Company

Yamama Cement Company (YC) announced on Tuesday the approval of the Board of Directors of its intention to sign a non-binding Memorandum of Understanding with Obeikan Investment Group and Sultan Holding Company, to establish a holding company for investment in the minerals industry in the Kingdom of Saudi Arabia, including the production of minerals (lithium, graphite, silica, etc.).

According to the statement published on “Tadawul”, this trend comes in line with the Kingdom’s Vision 2030, and in line with the Company’s strategy to achieve growth, expand its business, and diversify its sources of revenue.

The Company explained that the duration of the Memorandum will be from the date of signing the agreement until June 30, 2025.

Related parties:

• Prince Nayef bin Sultan bin Muhammad bin Saud Al Kabeer (Chairman of the Board of Directors of Yamama Cement Company and Chairman of Sultan Holding Company).

• Eng. Abdullah bin Abdulrahman Al Obeikan (Vice Chairman of the Board of Directors of Yamama Cement Company and CEO of Obeikan Investment Group).

• Mr. Raied bin Ali Alseif (Chairman of the Audit Committee at Yamama Cement Company and CEO of Sultan Holding Company).