With reference to the announcement made by Qassim Cement Company (the “Company” or “QCC”) on the Saudi Exchange website on 11/06/1445H (corresponding to 24/12/2023G) regarding the entry into a binding implementation agreement (the “Implementation Agreement”) with Hail Cement Company (“HCC”), pursuant to which QCC has agreed to make an offer to HCC’s shareholders to acquire all shares of HCC in consideration for newly issued shares in QCC pursuant to Article (26) of the Merger and Acquisition Regulations and in accordance with the Rules on the Offer of Securities and Continuing Obligations issued by the board of the Capital Market Authority, and in accordance with the conditions and provisions of the Implementation Agreement (the “Transaction”), and with reference to the announcement made by QCC on the Saudi Exchange website on 05/07/1445H (corresponding to 17/01/2024G) regarding its firm intention to make an offer in connection with the Transaction, and its addendum announcement regarding the same on 06/07/1445H (corresponding to 18/01/2024G) (both announcements referred to as the “FIA”).
Whereas the FIA stipulated that the Transaction is subject to a number of conditions, including obtaining the General Authority for Competition’s non-objection, QCC is pleased to announce the issuance of the non-objection of the General Authority for Competition on 04/08/1445H (corresponding to 14/02/2024G) on the completion of the economic concentration resulting from the Transaction.

The Company notes that the Transaction remains subject to a number of other conditions, including obtaining the approvals of the Capital Market Authority and the Saudi Exchange, obtaining the requisite approval of the shareholders in the extraordinary general assemblies of QCC and HCC, and other conditions outlined in the FIA.

QCC will make further announcements as and when material developments occur in relation to the Transaction.

Previous Announcement:

Addendum announcement from Qassim Cement Company regarding its firm intention to make an offer to acquire all shares of Hail Cement Company through a securities exchange offer.

Date of Previous Announcement on Saudi Exchange’s Website 2024-01-18 Corresponding to 1445-07-06.

Hyperlink to the Previous Announcement on the Saudi Exchange Website: Click Here

Latest Developments Of The Announced Event:

The issuance of the non-objection of the General Authority for Competition on 04/08/1445H (corresponding to 14/02/2024G) on the completion of the economic concentration resulting from the Transaction.

The costs associated with the event, and if they have changed or not with indication of the reasons: Not applicable.