Najran Cement says MoU with AYAN expires

Logo of Najran Cement Co.

Najran Cement Co. announced the end of the non-binding memorandum of understanding (MoU) period to purchase a minority stake in AYAN Company for Commerce and Industry, without reaching an agreement.

According to a statement to Tadawul, the door to negotiations remains open with AYAN. If any agreement is reached or if there are any developments in this regard, they will be announced in due course.

The statement pointed out that there is no financial impact to the expiration of the MoU period.

According to data available on Argaam, Najran Cement signed the MoU with AYAN, under which the cement producer will study the feasibility of purchasing a minority stake of 20-25% in one of the AYAN’s subsidiaries that operates in the building materials manufacturing.