Yamama Cement to buy 20% stake in Yemen Saudi Cement

Yamama Cement to buy 20% stake in Yemen Saudi Cement
Published: 22 February 2010

Yamama Saudi Cement Co said Sunday it signed an agreement to purchase 20% of the capital of Yemen Saudi Cement Co for US$20m.

Yemen Saudi Cement Co. will start trial operations at its plant near Aden in the second quarter of this year, the maker of building materials said in a statement posted on the Saudi bourse Web site.

The plant will have an annual capacity of 1.4Mt of cement.

Last month, Yamama said its fourth-quarter 2009 net profit soared 70% YoY to SAR145m (US$38.7m) due to higher sales.