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| Announcement Detail | Saudi Ceramics Company announces the completion of the procedures to convert the Desert Mines branch, which specializes in mining activities, quarry operations, and the processing of industrial raw materials, into a closed joint-stock company (single shareholder), wholly owned by Saudi Ceramics Company with a 100% ownership stake, following the fulfillment of all regulatory requirements and the receipt of the necessary approvals from the relevant regulatory authorities. |
This transformation comes as part of the Company’s strategy aimed at enhancing operational efficiency, supporting sustainable growth, and creating added value for the Company and its shareholders. It also falls within the Company’s plan to restructure its operating segments in a manner that strengthens focus on its core activities and improves governance and management efficiency. This step reflects the importance of the mining sector as one of the strategic sectors in the Kingdom of Saudi Arabia, given its pivotal role in supporting industrial supply chains, enhancing local content, and capitalizing on the promising opportunities available in this vital sector, in line with the objectives of Saudi Vision 2030 aimed at maximizing the utilization of mineral resources.
The Company confirms that this procedure will not result in any material financial impact on its financial results.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.