City Cement agrees settlement with Sinoma International

City Cement of Saudi Arabia has made a settlement with Sinoma International for payment of its second production line. The original contract was signed in June 2012 for a total of SAR970.63m (US$258.8m), but City Cement imposed a delay of eight per cent interest on the contract's final total of SAR43m.

City Cement's second production line in Riyadh has a cement capacity of 1.9Mta. The final settlement with Sinoma International will appear on the 4Q18 earnings of City Cement.