Riyadh – Mubasher: Yanbu Cement Company has bought the entire shares of its subsidiary, Yanbu Saudi Kuwaiti Paper Products (Yanbu Paper), at a total value of SAR 32.33 million.
The Saudi listed firm purchased 40% of the unit’s total shares from the Kuwaiti listed Shuaiba Industrial Company, according to a recent bourse disclosure.
The deal came in line with the Yanbu Cement’s strategy to expand and provide material and logistics support for its operations.
Moreover, the parent company expected the transaction to reflect on its financials for the first quarter (Q1) of 2022.
In 2021, Yanbu Cement achieved a net profit after Zakat and tax worth SAR 159.56 million, an annual drop of 43.22% from SAR 281.02 million.
