“Northern Cement” sells all of its shares in Experts Cement Development and Investment Company for $55 million

The Northern Region Cement Company announced the signing of an agreement to sell its entire shares, which represent 50% of the Cement Experts Company for Development and Investment, which owns 51% of the joint investment in the Al-Kubaisa factory in Iraq, to the Emirati company AMP Global Trading.

The company agreed to sell its entire 50% stake in the Cement Experts Company for Development and Investment and invested 51% of the joint investments in the Al-Kubaisa factory in Iraq, at a value of $55 million.

She explained that the book value of the asset is $42.9 million, noting that the goal of this deal is to enter into other strategic partnerships that enable it to expand investment in promising markets.

According to the statement published on Tadawul, the details of using the proceeds from the sale of the asset include pumping them into foreign investments with promising opportunities and repaying part of the high-cost loans in light of the current high financing cost rates.

Parties to the deal

1. Northern Region Cement Company.
2. AMP Global Trading Company (UAE).