Hail Cement sets minimum IPO subscription, Saudi Arabia

Hail Cement sets minimum IPO subscription, Saudi Arabia
19 September 2011

Saudi Arabia’s Hail Cement Co. (HCC) has set minimum subscription for its initial public offering at 50 shares for each individual investor and maximum subscription at 200,000 shares, Al Riyadh daily reported Saturday citing an executive.

The IPO, valued at SAR489.5m (US$130.5m) and representing 50 per cent of HCC’s capital, is scheduled to run from Tuesday to September 26.

The cement producer will offer 48.95 million of its shares at the par value of SR10 each, according to Zawya.com data.

HCC’s plant, whose full production capacity will be 1.72Mta of cement and 1.64Mt of clinker, is under construction and is expected to start production in the first quarter of 2013, Matar Al- Zahrani, the company’s chief executive, told the paper.

About 70 per cent of the plant’s cement production will consist of ordinary Portland cement, while 30 per cent will be made up of sulfate-resistant cement, he said.
Published under Cement News