RIYADH: Qassim Cement Co. has signed a non-binding memorandum of understanding with Hail Cement Co. regarding a securities exchange transaction, in which the former will acquire all of Hail’s issued shares.
Both parties will therefore proceed with due diligence in connection with the proposed transaction, according to a bourse filing.
Upon completion of the relevant financial evaluation and after consideration of the due diligence, Qassim and Hail will begin discussions on a non-binding exchange ratio.
Hail’s shareholders will receive 0.1933 newly issued shares in Qassim for each share they own in Hail.