Arabian Cement completes subsidiary share swap, books SAR 18.9 million capital gain
The transaction expands Arabian Cement's exposure to Jordan's cement market through a higher holding in Qatrana Cement Company. The completed share swap also lifts equity attributable to shareholders by SAR 21.3 million while reducing non-controlling interests after the subsidiary's stake rises to 96.14%.
Highlights
- Arabian Cement completed a share swap via its subsidiary, achieving a capital gain of SAR 18.9 million and raising shareholder equity by SAR 21.3 million.
- The share swap increases Arabian Cement Bahrain Holding Company's stake in Qatrana Cement Company from 86.74% to 96.14%, while exiting Ready Mix Concrete and Construction Supplies Company.
- Non-controlling interests fall by SAR 70.3 million as Arabian Cement further consolidates earnings and assets after the increase in its Jordanian cement holdings.
Transaction completion and financial effects
As reported by Saudi Exchange, Arabian Cement said it has completed the share swap transaction carried out by its subsidiary, Arabian Cement Bahrain Holding Company. The deal follows earlier announcements on the signing of a share swap agreement that led to the subsidiary's exit from Ready Mix Concrete and Construction Supplies Company and the acquisition of stakes in Qatrana Cement Company in Jordan.The completion of the transaction results in capital gains of SAR 18.9 million, according to the company. Arabian Cement also said equity attributable to shareholders increases by SAR 21.3 million, while the total direct and indirect increase reaches SAR 40.2 million after recognizing those gains.
Ownership change and regional implications
The transaction raises the subsidiary's ownership in Qatrana Cement Company from 86.74% to 96.14%, strengthening Arabian Cement's control over the Jordanian cement asset. That change further reshapes the group's regional portfolio after its exit from the ready-mix concrete and construction supplies business tied to the swap.Arabian Cement said non-controlling interests decrease by SAR 70.3 million as a consequence of the higher ownership level. The move points to a tighter consolidation of earnings and assets within the group as it increases its stake in the Jordan operation.
BASF’s approach to acquire Evonik highlighted the consolidation pressure building in Europe’s chemicals sector and the hurdles that can derail large-scale deals. Our earlier coverage noted that Evonik rejected an initial proposal as too low, while investor scrutiny, labour concerns, and the stance of key shareholders were emerging as central factors in whether negotiations could progress.
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