Saudi Cement to invest in new Kuwait firm

Saudi Cement to invest in new Kuwait firm
Published: 10 November 2010

Saudi Cement Co said Tuesday it plans to invest KWD4m (US$142.3m) in setting up a new firm in neighbouring Kuwait.

The firm will set up a closed joint stock company that will distribute cement with investors from Kuwait, it said in a statement posted on the Saudi bourse website.

Last month, the kingdom’s second-largest cement producer said its third-quarter net profit climbed 14% to SAR140.3m (US$37.41m) from SAR123.1m in the year earlier period.