Yamama Saudi Cement Co, also known as Yamama Cement, said Saturday it has signed a memorandum of understanding to acquire a 20 percent stake in the Yemeni Saudi Cement Co, whose capital stands at $75 million.
The final agreement will be signed after the general assembly of Yemeni Saudi Cement's shareholders approves the stake sale, Yamama Cement said in a statement on the Saudi bourse website.
Yemeni Saudi Cement is expected early next year to start trial operations of its cement plant located in the Batis area near Aden city in Yemen, the statement said, adding that the plant has a designed annual production capacity of 1.4 million tons of cement.