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%).
- Saudi: 100,000 low-income families to be housed
- ISG appoints new CEO as David Lawther steps down
- 'SBG cuts 50,000 jobs amid oil price slump'
- Emaar Properties Q1 2016 net profit rises 17%
- Dubai: 18,667 apartment handovers expected by 2018
- Saudi exports $31.9bn worth of oil in Jan-Apr 2016
- UD heavy-duty Quester truck launched in Qatar
- King Abdullah Port to play key role in Vision 2030
- Saudi white land tax fears spur mass land sales
- Qatar: Al Wakrah's Ezdan Mall to open by year-end