City Cement Co Cancels Umm Al-Qura Cement Acquisition Plans

03:19 AM EST, 01/01/2026 (MT Newswires) -- Saudi cement products manufacturer City Cement Co. (SASE:3003) withdrew its plans to acquire Umm Al-Qura Cement (SASE:3005) after completing due diligence. The company decided not to proceed with the proposed deal to focus on other investment opportunities "more closely aligned" with its strategic plans and objectives, according to a Thursday release. In July 2025, the Saudi Capital Market Authority rejected City Cement's offer document for the acquisition, citing a breach of capital market law related to governance requirements.