Al Jouf Cement files for capital reduction with CMA

Al Jouf Cement bags

Al Jouf Cement Co. submitted today, May 23, an application for capital reduction to the Capital Market Authority (CMA), the company said in a statement to Tadawul.

The planned capital reduction is subject to obtaining the required regulatory approvals, including the company’s extraordinary general assembly.

Any future developments will be disclosed later, the statement added.

In April, the company's board of directors proposed reducing capital to SAR 1.08 billion from SAR 1.43 billion, or by 24%, to offset the company’s accumulated losses, Argaam earlier reported.

The board also recommended increasing the company’s capital to SAR 1.39 billion through a rights offering of SAR 300 million.