City Cement Co. submitted on May 10 a request to the Capital Market Authority (CMA) to cut its capital by 26%, the company said in a statement on Sunday.

 

On November 5, the company’s board of directors recommended 26% capital cut to SAR 1.4 billion from SAR 1.89 billion through share cancellation.

 

The process will have no material impact on operations, the statement said, expecting the capital cut to bolster its profitability and performance.

 

Key Figures of the Capital Reduction

Current Capital

SAR 1.89 bln

Number of shares

189.2 mln shares

Reduction (%)

26%

New Capital

SAR 1.4 bln

New number of shares

140 mln shares

Method

Cancellation of 26% of shares

Driver

The company has excess capital

 

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City Cement board recommends 26% capital cut

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