Eastern Province buys out Spanish precast partneron Dec 3, 2012
Eastern Province Cement Co has announced that it has bought out the 50% share of the precast concrete business which had been owned by its Spanish business partner.
The company said that it paid $14.66m (SR: 55m) for the stake, which it is funding from its own cash resources. Legal work to complete the deal and make it a wholly-owned subsidiary are ongoing.
Saudi Briansa produces precast concrete products used in buildings, bridges and tunnels.
Eastern Province Cement Co is based in Dammam. Its three biggest shareholders are the Public Pension Agency (10.6%),
General Organization for Social Insurance (10%) and the Public Investment Fund (10%).
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