Saudi Hail Cement to invest in plant
Recently established Saudi cement producer Hail Cement Co is to sign a SAR750m (US$200m) contract with an unnamed Chinese company for the construction of a cement plant, Al Riyadh daily reports.
The cement plant is expected to be completed by mid-2012 and will have capacity of 5000tpd, translating into 1.5Mta.
Hail Cement will float shares worth SAR 600 million in an IPO scheduled for the third quarter of 2010. The company has a capital of SAR1.2bn, 50% of which has been subscribed by the company’s founders and the remaining will be offered in the IPO.
Published under Cement News
