Riyadh – Mubasher: Yamama Cement Company has penned a non-binding memorandum of understanding (MoU) with both Obeikan Investment Group and Sultan Holding Company to establish a holding company, according to a bourse filing.

The new firm will focus on investments in the metals industry, including the production of lithium, graphite, silica, and others in Saudi Arabia.

The non-binding agreement holds a duration period from 25 December 2024 to 30 June 2025, building on the decision of Yamama Cement’s board, which was made during the 16 December 2024 meeting, to proceed with the intention of setting up the holding company.

It is worth noting that in the first nine months (9M) of 2024, Yamama Cement posted an 18.32% growth in net profit to SAR 297.58 million, compared to SAR 251.49 million in 9M-23.