Umm Al Qura Cement is to raise over SAR275m (US$73m) in cash by selling 27.5m shares at SAR10 each via a flotation on Saudi Arabia's stockmarket, Tadawul.

The shares are expected to be floated by the new Riyadh-based cement supplier at the end of April, and a prospectus will be published in advance.

Saudi Arabia's Minister of Commerce and Industry Dr Tawfiq bin Fawzzah Al-Rabiah said that half of the shares will be sold to the general public, with the rest retained by the project's partners.