Southern Province Cement Company (SASE:3050) signed a non-binding memorandum of understanding to acquire Yanbu Cement Company (SASE:3060) on June 23, 2024. The MoU will terminate upon the signing of the merger agreement by both companies, or within 12 months as of the signing date on June 23, 2024.

The transaction is subject to approval by regulatory board / committee and securing approval from both companies' general assemblies.