| Introduction |
Further to the announcement of Umm Al-Qura Cement Company, which was published on the Tadawul website on Rabi` Al-Thani 12, 1444 AH (corresponding to November 06, 2022 AD), regarding the signing of a “non-binding” memorandum of understanding on Rabi` Al-Thani 09, 1444 AH (corresponding to November 03, 2022 AD), pursuant to which the two companies agreed to commence discussions in relation to a shares exchange transaction pursuant to which City Cement will acquire all 55 million issued shares in Umm Al-Qura Cement (the “Proposed Transaction”). Whereas the term of the memorandum is six (6) months from the date of its signing. Accordingly, the company would like to announce that it is agreed on 6 Shawwal 1444AH (corresponding to April 26, 2023), with City Cement to extend this memorandum with the same previous terms and conditions for an additional six months from the date of expiration of the memorandum of understanding, in order to complete the stated procedures in the memorandum of understanding. |
| Previous Announcement |
Umm Al-Qura Cement Co. Announces the Execution of Memorandum of Understanding with City Cement Co. Acquiring all the issued shares in Umm Al-Qura. |
| Date of Previous Announcement on Tadawul’s Website |
2022-11-06 Corresponding to 1444-04-12 |
| Percentage of fulfilled achievement |
Not applicable |
| Event’s Expected Completion Date |
2023-11-02 |
| The costs associated with the event, and if they have changed or not with indication of the reasons. |
There is no change in costs associated with the event. |
