Eastern Cement participates in TAQA capital increase, maintains 5.44% stake
Eastern Province Cement Company [3080.SE] received its additional shares in Industrialization and Energy Service Company (TAQA) after participating in a rights issue. Eastern Cement’s stake remains at 5.44% after paying cSAR163 million (through two installments internally financed paid in 2Q2015 and 4Q2015) to participate in the rights issue. TAQA’s rights issue saw the company’s capital increase to SAR5 billion from SAR2 billion, following AGM approval in 2014. (Tadawul) Eastern Cement: SAR31.71 as of 31 December 2015, Rating: Buy, FV: SAR47.00 per share, MCap: USD727 million, EACCO AB / 3080.SE
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