Yemen approves establishment of private cement firm
Yemen’s General Investment Authority (GIA) has approved the establishment of a private cement company. Shares worth some 3.8 billion Yemeni riyals ($18.5 million) will be offered for public subscription as of December 1, 2003.
The new National Cement Company will be a public shareholding company with an annual production capacity of over one million tons of cement. Owned by a group of investors including Yemen’s Hail Saees Anam Group, the firm will be based in the southern Lahj governorate.
The cement industry in Yemen has always been favorably supported by the state. The production aggregate of the country’s three plants, namely Amran, Bajil and Al-Barh, does not exceed 1.5 million tons per annum, an amount that meets only 60 percent of the total market demand. — (menareport.com)
© 2003 Mena Report (www.menareport.com)