Narjan Cement is a new arrival on the Tadawul, which only floated in April this year.  The company was set up in 2005 with $300m of capital. By the time it floated, its market cap had increased to $453m. The proceeds of the float are being used to finance a third production line at its headquarters in the southern region. It will be capable of producing almost two million tons of cement a year, and was anticipated to be operational by the second quarter of this year.