Najran Cement acquires 30% of Saudi transport firm
Projects Supply Company has fleet of 300 vehicles and employs 500
Najran Cement has agreed a deal to buy a 30% stake in Projects Supply Company - a transport and logistics specialist.
The cement producer has said that the deal will allow it to better serve its own customer base as well as allowing it to capitalise on a boom in demand to transport cement.
Projects Supply Co specialises in the transport of cement, finished steel and a number of bulk raw materials. It also delivers fuels and chemicals and is working on a number of pilot projects for Saudi Aramco and Saudi Basic Industries.
According to its website, the business operates from four sites in the Kingdom and has a fleet of 300 European and Japanese-made trailers. It employs 500 staff.
Najran Cement floated on the stockmarket in April 2012 in a move which valued the company at $453m.
It raised $221.5m through the float of 50% of its shares, which it is using to build a third production line.
Last month, the company revealed a net profit for 2012 of $53.9m.