Saudi Lime inches closer to becoming the sole owner of Astra Mining

Saudi Lime Industries inches closer to a full acquisition of Astra Mining:The Riyadh-based limestone supplier has sealed a conditional binding agreement to acquire 100% of Astra Mining, it said in a disclosure to Tadawul.

The sellers: The transaction will see the limestone supplier acquire the entirety of Tharawat Mining and Astra Industrial Group stakes in Astra mining within the next three months.

Payment details: The transaction will set Lime Industries back SAR 35 mn in addition to paying off Astra Mining debts to local banks in the amount of SAR 129.6 mn, settling the transaction at up to SAR 164.6 mn.The transaction will be funded through financing from a local bank in addition to the company’s own resources. No further information was provided.

The caveat: The move is still subject to regulatory approvals and is contingent on compliance to terms and conditions including signing escrow and licensing agreements.