‎CMA inexperienced lights Al Jouf Cement’s 24% capital reduction

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Al Jouf Cement bags


The Capital Market Authority’s (CMA) board permitted right this moment time, June 16, an utility from Al Jouf Cement Co. to lower its capital by 24% from SAR 1.43 billion to SAR 1.08 billion, the market regulator acknowledged in a assertion.

Accordingly, the general series of the firm’s shares will lower to 108.7 million from 143 million.

This dedication is conditional on the firm’s unprecedented long-established assembly (EGM) approval and completion of the mandatory regulatory measures.

The firm will post a disclosure doc to its shareholders on the proposed strategy of capital reduction and the expected influence of this direction of within enough time earlier than the EMG assembly to enable shareholders to vote on the capital lower.

Last April, the firm’s board of administrators instructed a 24% capital lower to offset gathered losses, Argaam reported.