Saudi Cement acquires 37% of United Cement for SAR 28 mln

Logo of Saudi Cement

Saudi Cement Co. acquired, on May 11, a 37% stake in United Cement Industrial Co. for SAR 28 million, according to the former's Q2 2021 financial statements.

Accordingly, Saudi Cement increased its stake in the subsidiary from 63% to 100%.

The acquisition was considered an equity transaction, and the spread between the book value of non-controlling interests and the financial consideration paid to purchase that stake was recorded in the company's retained earnings account.

The company purchased items of property and equipment for SAR 24.94 million in H1 2021, while additions to capital work in progress amounted to SAR 9.35 million.

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