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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