Shareholders of Qassim Cement, Hail Cement to vote on acquisition deal on June 10

Logos of Qassim Cement Co. and Hail Cement Co.

Qassim Cement Co. (QCC) and Hail Cement Co. will hold the extraordinary general meeting (EGM) on June 10.

In a statement to Tadawul, Qassim Cement said shareholders are set to vote on increasing the capital from SAR 900 million to SAR 1.10 billion to fully acquire the 97.9 million shares of Hail Cement.

Qassim Cement indicated that the capital will be increased in accordance with the terms and conditions of the implementation agreement and will take effect upon approval by both companies’ EGMs.

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In a separate statement, Hail Cement said its shareholders will vote on the offer submitted by Qassim Cement in exchange for issuing 0.21 share in Qassim Cement for each share owned by Hail Cement shareholders, totaling 20.56 million shares with a nominal value of SAR 10 each.

Hail Cement will become an unlisted joint-stock company wholly owned by Qassim Cement, in accordance with relevant regulatory requirements.

Shareholders will vote on the provisions of the implementation agreement signed between Qassim Cement and Hail Cement on Dec. 21, 2023. They will also vote on authorizing Hail Cement’s board of directors, or any person authorized by the board, to issue any decision or take any action that may be necessary to implement any of the aforementioned decisions.

Hail Cement noted that the board of directors’ circular, which includes the board's opinion on the deal, will be published in due course, inviting shareholders to review all documents that will be published successively on the Tadawul website by both companies.