Sharjah Cement and Industrial Development Company, SCIDC, has been enlisted on the Abu Dhabi Securities Market, (ADSM), WAM reported Wednesday.
A special ceremony was held on the occasion which attracted a number of dignitaries, including Mohammed Abdullah Al Khayal, Othman Mohammed Al Sharif, SCIDC Board Members and Nazar Al Abeidili, and Abdullah Al Yabhouni from ADSM.
A statement issued by the ADSM said with the enlistment of the SCIDC, the number of public joint stock companies on its list has risen to 74 companies. The statement said that transactions on the company's shares outside the ADSM had ceased from the date of the company's enlistment on the market, adding that any such transaction from Tuesday is illegal thus no procedure for the transfer of ownership of shares that resulted from such a transaction would be entertained.
SCIDC was established in 1979 for the promotion of industries in Sharjah. Its cement factory site is situated 25 km east of Sharjah city. The plant was commissioned in 1977. The plant with a rated clinker capacity of 220,000 metric tonnes per year was erected mainly with a view to cater for local demand.
In recent years, Sharjah Cement Factory expanded clinker production to 1,300,000 tonnes per annum and a contract was awarded to IHI to install a 3,400 t/day precalciner kiln, raw mill and crushing plant.
