Al Jouf Cement likely to deposit proceeds from fractional share sale on Oct. 25

Al Jouf Cement bags

Al Jouf Cement Co. completed on Sept. 5 the sale of 29,194 fractional shares, at an average price of SAR 12.30 each, totaling SAR 359,132, according to a bourse filing.  

However, the cement producer failed to deposit the sale proceeds in the accounts of eligible shareholders, due to the delay in completing the procedures with the designated bank.   

The distribution of proceeds is expected to be completed on Oct. 25, 2022, the statement added.  

Shareholders approved a 24% capital reduction to SAR 1.08 billion from SAR 1.43 billion to offset accumulated losses, during the extraordinary general meeting (EGM) held on Aug. 29, Argaam earlier reported.