City Cement Co. said in a bourse statement that it received the Capital Market Authority’s (CMA) approval to cut capital to SAR 1.4 billion from SAR 1.89 billion through reducing shares to 140 million from 189.2 million.

 

The approval is conditional on the company’s extraordinary general meeting (EGM) approval and completion of necessary paperwork.

 

The company will issue a circular for shareholders about the capital reduction method and expected financial impacts before holding the next EGM, the cement producer added.

 

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

 

Yesterday, the Saudi market regulator approved City Cement’s capital reduction request, as the company has surplus capital, Argaam reported.

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