Abu Dhabi – Mubasher: Fujairah Cement Industries Co announced it has withdrawn from Sohar Cement due to a slump in cement prices.
The withdrawal transaction has been completed at a value of $60 million (AED 220.4 million), Fujiairah Cement added in a statement to the Abu Dhabi Securities Exchange (ADX).
The financial impact of the transaction will be reflected in the financial statements for the period ended 30 June 2019 as some issues and debts are currently being finalised, the company indicated.
The company also highlighted that the other party in the transaction process is Raysut Cement Company, which is not a related party.
The positive impact of the withdrawal transaction will be reflected in the results of the second quarter of 2019, the ADX-listed firm noted.
