Saudi cement producers Tabuk Cement Company (TCC) and Qassim Cement Company
(QCC) have signed a memorandum of understanding (MoU) to carry out a feasibility study on a project which envisages the establishment of a cement plant in the northern part of Saudi Arabia, it was reported.
The two companies will participate with equal stakes in the new project, the Saudi Stock Exchange said, without providing financial details.
TCC, one of the eight listed cement companies operating in Saudi Arabia, was established in 1994 as a joint-stock company. The company, based in Tabuk, in the northwestern part of the Kingdom, has an authorised and paid-up capital of 700m Saudi riyals (US$186.7m/€152.4m). Its products include ordinary Portland, Portland Pozzolan and sulphate resisting cement, in addition to clinker.
QCC, based in Buraida, eastern Saudi Arabia, was established in 1976 and has an authorised capital of 450m riyals (US$120m/€98m).