CMA greenlights City Cement’s 26% capital surplus cut

The Capital Market Authority (CMA) approved City Cement Co.’s request to reduce capital to SAR 1.4 billion from SAR 1.89 billion through reducing shares to 140 million from 189.2 million.

The CMA nod is conditional on the company’s extraordinary general assembly approval and completion of necessary procedures, the market regulator said in a statement on Tuesday.

Last November, City Cement’s board of directors recommended 26% capital cut through share cancellation on having capital surplus, Argaam reported.