Saudi Arabia: City Cement says that the Capital Market Authority (CMA) has declined to approve its proposed acquisition of Umm Al Qura Cement. The decision was reportedly due to a lack of certain regulatory requirements. In a market statement City Cement said that it was committed to full regulatory compliance and would consider its options regarding resubmitting the offer.
City Cement announced in late 2022 that it was preparing to buy Umm Al Qura Cement. It then started taking action towards the transaction in late 2024 onwards.
