Published: Jun 12, 2014
Source: MSM


Email this story Print this page zoomin zoomout

Construction Materials Ind.(CMII) - Board of Directors decision taken on the meeting held on 11-6-2014

With reference to the letter received from the Ministry of Environment & Climate affairs dated 20/03/2014 which informs us that they refuse to give the environmental permission because the Plant and quarry at Quriyat is not located in the proper area, which is very near to residential area. This environmental permission is affecting to all other permissions to operate the plant. Since there is no environmental permission, we could not get all other permission required from various Ministries to operate the Quriyat Plant and the Ministry of Housing has also refused to accept the land rent because of the non receipt of permission from Ministry of Environment & Climate Affairs. The Ministry of Environment & Climate Affairs has also served another notice on 21/05/2014, after their plant visit, stating that we do not have the permission to operate the plant here after.

Based on the above decisions from the related Ministries, the Board of Directors meeting held on 11the June 2014 has decided unanimously the following:

  • To close the Plant and Quarry situated at Quriyat and terminate all the employees.
  • Invite the AGM to give permission from the shareholders to sell the Plant & Quarry Assets belongs to the Quriyat Plant and all other non performing assets of the company.


Middle East Stock Markets

Index Last Change %Change
TASI 5,936.30 +51.31 0.87%
ADI 4,292.50 +26.67 0.63%
DFMGI 3,318.39 +14.19 0.43%
QE 10,371.17 +8.47 0.08%
KSE 5,397.85 -5.85 -0.11%
MSM30... 5,497.050 -16.650 -0.30%
ASE... 2,104.33 +3.20 0.15%

Recent Analyst Actions  >>

Company Price Opinion
Abdullah Al Othaim Markets 125.60 Overweight
The Saudi British Bank 27.30 Strong Buy
Saudi Telecom Co. 68.90 Overweight
Abdul Mohsen Al-Hokair Group 40.50 Overweight
Bupa Arabia for Cooperative 137.60 Overweight

Markets Today Quick Links


Get all the latest updates about the GCC & Global Markets directly to your email