Qassim Cement Co. has completed its acquisition of 100% of Amix for Ready Mix Concrete Co., making the concrete producer a wholly owned subsidiary, the company said in a statement to the Saudi Exchange reported by Argaam on Monday.
The transaction value was unchanged from the SR65 million previously announced, the company said.
Qassim Cement signed the share purchase agreement with Amix’s shareholders on September 8.
The General Authority for Competition issued a no-objection decision on the deal on October 6, the company said earlier this month.
The price is payable to the sellers in three installments and is being financed through existing Shariah-compliant credit facilities from commercial banks, Qassim Cement said in September.
Amix produces, markets and sells ready-mix concrete. The sellers are individual shareholders who together owned all of the closed joint-stock company, and the deal involves no related parties, according to the company’s filings.
Qassim Cement said the acquisition is part of a strategy to strengthen its building materials value chain through vertical integration and is expected to help diversify its revenue.
