The newly founded Al-Baha Holding Cement Co. aims to launch an IPO in 2010, Al-Baha Gov. Prince Muhammad bin Saud, chairman of the company, said in a meeting at Laylati Hall in Jeddah yesterday.
"The new cement factory, with a projected daily capacity to manufacture 12,000t of cement, is licensed to quarry limestone and other raw materials in the province essential to cement industry," Prince Muhammad said in his address.
The meeting, which was attended by 500 businessmen and officials including Sultan Shawali, undersecretary for mineral resources at the Ministry of Petroleum and Mineral Resources, was convened to unveil the plans and objectives of the upcoming company to investors and businessmen.
"The feasibility studies conducted by the company show the growing need for cement products for developmental, industrial and tourism industries of the region. The meeting also shed light on the future expansion projects of the company at an estimated cost of SR2bn," General Manager and CEO of the company Hussein Daajam told Arab News yesterday.
Ali Labid, technical consultant of the project, made a detailed account of the profit potentials and advantages of investing in cement industry particularly in Al-Baha province. He also outlined the distinctive features and expansion schemes of the company.
Faisal Sindi, head of the executive committee and member of the board of directors of the company, said the cement factory would serve as a nucleus for a thriving building materials industry as the province has an abundant supply of raw materials such as gypsum, marble, granite, limestone and clay.