Northern Cement, Al-Diyar Al-Iraqia ink $43.95M partnership agreement

Logo of Northern Region Cement Co. 

Northern Region Cement Co. signed a partnership agreement worth $43.95 million with Iraq’s Al-Diyar Al-Iraqia for Investments Co., according to a statement to Tadawul.

Al-Diyar Al-Iraqia will acquire a 49% stake in Northern Cement’s investments in Iraq under the agreement, the statement said.

The transaction, the statement added, will enable the Saudi-listed company to enter a strategic partnership that entails the expansion of its investment in promising markets.

Proceeds of the deal will be injected into external investments with promising opportunities and repayment of a part of the high-cost loans in light of the current high financing cost rates, Northern Cement noted, adding that no related parties are included in the deal.