https://arab.news/9ad2a
RIYADH: Saudi’s Yanbu Cement has acquired shares owned by Kuwait’s Shuaiba Industrial Co. in its unit Yanbu Saudi Kuwaiti Paper Products Co. for SR32.3 million ($8.6 million).
The transaction allowed the transfer of a 40-percent stake in the paper manufacturer to Yanbu Cement, making it the full owner of the former, according to a bourse filing.
Yanbu Cement will fund the transaction from its own resources.
In line with the company’s expansion and growth visions, the deal aims to provide material and logistical support for Yanbu Cement’s operations.
Yanbu Saudi Kuwaiti Paper Products specializes in wholesale trade and manufacturing all kinds of cement paper bags.
It made profits of SR5.57 million in 2021, down slightly from SR5.63 million a year earlier.