Saudi Arabia's Hail Cement Co. (HCC) has set minimum subscription for its initial public offering at 50 shares for each individual investor and maximum subscription at 200,000 shares, Al Riyadh daily reported Saturday citing an executive. The IPO, valued at SR489.5 million ($130.5 million) and representing 50 percent of HCC's capital, is scheduled to run from Tuesday to Sept. 26. The cement producer will offer 48.95 million of its shares at the par value of SR10 each, according to Zawya.com data. HCC's plant, whose full annual production capacity will be 1.72 million tons of cement and 1.64 million tons of clinker, is under construction and is expected to start production in the first quarter of 2013, Matar Al- Zahrani, the company's chief executive, told the paper. About 70 percent of the plant's cement production will consist of ordinary Portland cement, while 30 percent will be made up of sulfate-resistant Portland cement, he said.
