City Cement to compensate shareholders for share cancellation on Nov. 10

City Cement Co. will deposit the compensation amounts related to the cancellation of 49.2 million common shares resulting from capital reduction in shareholders’ accounts on Nov. 10, the company said in a bourse statement.

According to data compiled by Argaam, shareholders approved a 26% capital cut to SAR 1.4 billion from SAR 1.89 billion, on having a capital surplus, during the extraordinary general meeting held on Aug. 25.