Northern Region Cement Co. Announces Sale of all its shares in the Cement Experts Company for Development and Investment in the value of 55 million US dollars.

Northern Region Cement Co. Announces Sale of all its shares in the Cement Experts Company for Development and Investment in the value of 55 million US dollars.



13 February 2024 03:40 PM

Element List

Explanation

Introduction

The Northern Region Cement Company announces the signing of an agreement to sell its entire shares, which represent 50% of the Cement Experts Company for Development and Investment, which owns 51% of the joint investment in the Al-Kubaisa factory in Iraq, to the Emirati company AMP Global Trading.

Transaction Details

The Northern Region Cement Company agreed to sell its entire 50% stake in the Cement Experts Company for Development and Investment and invested 51% of the joint investments in the Al-Kubaisa Factory in Iraq.

Transaction Value

55 million US dollars.

Transaction Terms

N/A

Parties of the Transaction

1. Northern Region Cement Company 2. AMB Global trading- UAE

Transaction Funding Method

N/A

Transaction Execution Date

2024-02-13 Corresponding to 1445-08-03

Description of the Business of the Asset forming the Subject Matter of the Transaction

Investments in the cement industry in Republic of Iraq.

Asset Book Value

42.9 million US dollars.

Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction

Available