Qassim Cement Co. — Capital/Financing Update 2021

Dec 29, 2021

Qassim Cement Company announces entering into a preliminary agreement to establish a cement mill in its factory in Buraydah with a capacity of 300 tons/hour for the purpose of replacement

3040 · 29/12/2021 08:02:51 · Announcement #66108 · View on Saudi Exchange

Qassim Cement Company announces entering into a preliminary agreement to establish a cement mill in its factory in Buraydah with a capacity of 300 tons/hour for the purpose of replacement

Element List

Explanation

Announcement Detail

Qassim Cement Company announces that, with the blessing of the Board of Directors at its latest meeting held on 26-12-2021(G), a preliminary agreement was entered with the Chinese Company (CDI) for the engineering, supply and construction of a cement mill with its all mechanical and electrical equipment, including design and supervision of civil works, installations and commissioning test, at a cost of SAR 152 million, and an implementation period of (15) months. Detailed contracts are now being prepared, which are expected to be signed before mid of January 2022, God willing.

According to the company's estimates and current data, it is expected that the financial impact will appear in the second quarter of the year 2023, and Qassim Cement will announce any significant developments in its time.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.