Riyadh – Mubasher: Northern Region Cement Company signed a partnership agreement with Al-Diyar Al-Iraqia for Investments Company under which the Iraqi firm would acquire 49% of the Saudi entity's investments in Iraq.
The deal is valued at $43.95 million, while its proceeds will be used to inject external investments in promising opportunities and repay a portion of the high-cost loans amid high financing costs, according to a bourse disclosure.
Through this collaboration which was concluded on 6 December 2023, Northern Region Cement would achieve its goal of establishing a strategic partnership that will allow it to expand its investments in promising markets.
In the first nine months (9M) of 2023, Northern Region Cement’s net profits after Zakat and tax reached SAR 64.70 million.
