IPO prospectus, whereby the company plans to sell 50% of its capital, ">

City Cement issues IPO prospectus

26/08/2012 16:03 AST

City Cement Co. issued today their IPO prospectus, whereby the company plans to sell 50% of its capital, amounting to 94.6 million shares, at SR 10 per share. The IPO will start from September 10, 2012 until September 16, 2012.

Total paid-up capital of City Cement before the IPO is SR 946 million, and after IPO will be SR 1.89 billion.

The company is engaged in producing and selling of normal Portland cement and sulfur-resistant Portland cement. City Cement company has a production capacity of up to 5,000 tons of clinker per day, (1.6 million tons annually), which is equivalent to 1.75 million tons of cement annually after milling operations.

During the first half of 2012, the company's sales reached SR 264 million compared to SR 213.8 million for the same period of 2011, an increase of 23 percent, while net profit reached SR 160.4 million, an increase of 40 percent compared to SR 114.4 million of first half 2012.

Total Assets of City Cement at the end of June 2012 were SR 1.13 billion compared to 1.05 billion at the end of June 2012.


Gulfbase.com

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