Lime Industries closes acquisition of Astra Mining

Logo of Saudi Lime Industries Co.

Saudi Lime Industries Co. completed the acquisition of Astra Mining Limited Co., following the fulfillment of conditions outlined in the agreement, including obtaining approvals from relevant authorities.

The acquisition value has been settled in accordance with the agreement, utilizing bank financing and the company's own resources, Lime Industries said in a statement to Tadawul.

There are no related parties to the agreement.

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The relevant financial impact will appear during the first half of 2024, the company added.

In February, Lime Industries signed a conditional binding agreement with Astra Industrial Group and Tharawat Mining Co. to fully acquire their stakes in Astra Mining, Argaam reported.

Under the deal, the company said it would purchase the stakes for SAR 35 million maximum and settle debts worth SAR 129.6 million with local banks, totaling a maximum of SAR 164.6 million.