As a result, total proceeds of SR500m were raised and the paid-up capital increased from SR600m to SR800m.
"Advising industry leaders and market makers has been our business for generations, and we are delighted to have been able to assist one of the pioneers in the construction industry in Saudi Arabia," commented Daniel Schenker, CFO, Swicorp. "This is an exciting period of expansion for Arabian Cement Company, and we were honored to work with them as advisors on this issue."
The primary purpose of this capital increase is to finance the company's expansion plans, including the increase of capacity at the existing Rabigh plant and investments in greenfield projects, such as in Saudi Arabia and Jordan. Swicorp acted as the Financial Advisor to Arabian Cement in connection with the Rights Issue transaction.
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Swicorp advises Arabian Cement in SR500m rights issue
- Saudi Arabia: Tuesday, January 22 - 2008 at 13:45
- PRESS RELEASE
Arabian Cement has successfully offered 10 million new shares at a price of SR50 per share through a rights issue exercise combined with an additional issue of 10 million bonus shares to shareholders on record (ratio of 1 new share for every six shares held).
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About Arabian CementFounded in 1955, Arabian Cement was the first cement producer in the Arabian Gulf. With an installed capacity of 8,400 tons/day it is currently the fifth largest cement producer in the Kingdom. Arabian Cement is primarily engaged in the production and sale of bulk and bagged OPC and SRC cement. It has recently announced plans to build and operate two new greenfield cement plants: in Saudi Arabia (joint-venture with Italcementi) and in Jordan. (www.arabiacement.com)
About Swicorp
Swicorp is a Financial Advisory and Private Equity firm which provides a comprehensive range of services to domestic and international businesses active in the Middle East and North Africa (MENA). Originally founded in Switzerland in 1987, Swicorp now has its headquarters located in Riyadh with regional offices in Jeddah, Dubai, Tunis, Geneva and Tehran. With over twenty years of experience in Mergers & Acquisitions and Private Equity across the MENA region, Swicorp has established itself as one of the leading players in the growing investment banking and private equity sectors of the region.
For more information, please contact:
Daniel Schenker
Chief Financial Officer
Swicorp
Tel: (+966)2 657 4160
For media enquiries, please contact:
Mohammad Shaban, Buchanan Middle East
Tel: +971 4 369 8555
Posted by Medilyn Manibo, Assistant News EditorTuesday, January 22 - 2008 at 13:45 UAE local time (GMT+4)
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