Arabian Cement Company (3010.SE) has signed a clinker swap agreement for 700k/annum with Northern Region Cement Company (3004.SE) for three years, as of 14 April 2016, and through both company’s Jordanian subsidiaries. As per the agreement, Arabian Cement will deliver the clinker from its subsidiary in Jordan (Qatrana Cement Company) to Northern Cement’s Jordanian subsidiary’s ( Northern Cement Company [NCCO.JO]) production plant in Jordan, and in turn, Northern Region Cement (Saudi) will deliver the same amount of clinker to Arabian Cement’s production plant in Saudi Arabia. It is difficult to assess the value of the financial impact that should appear in 2Q2016 on the mother company (that owns Jordanian subsidiary), given the low visibility on local (Saudi) demand levels. (Company disclosure)   Arabian Cement Co. (Saudi): SAR48.72 as of 14 April 2016, Rating: Buy, FV: SAR60.00 per share, MCap: USD1,299 million, ARCCO AB / 3010.SE