Tadawul halts Hail Cement to start delisting procedures

Logo of Hail Cement Co.

Hail Cement Co. (HCC) announced today, June 11, that its acquisition by Qassim Cement Co. (QCC) is in effect, noting that trading on its shares is suspended until delisting from the Saudi Exchange (Tadawul).

As part of the acquisition deal, HCC shares will delist from Tadawul and ownership will transfer to QCC.

Following its capital increase, QCC will issue 20.56 million ordinary shares at a nominal value of SAR 10 each for HCC shareholders registered with the Securities Depository Center Co. (Edaa) at the end of trading on June 10.

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In a separate statement, Tadawul confirmed that HCC shares are suspended to commence the delisting procedures.

Meanwhile, Edaa will implement the increase in QCC's shares and deposit the new shares in the accounts of eligible shareholders of HCC after two business days from the extraordinary general meeting (EGM) approval date and up to six business days as per Tadawul and Edaa relevant procedures.

According to data available with Argaam, QCC and HCC shareholders approved the planned takeover of the latter during the EGM held on June 10.