Yanbu Cement Co. submitted on March 4, 2021, a request to the Capital Market Authority (CMA) to reduce its capital by 35.5%, the company said in a bourse statement today, March 10, 2021.
Any relevant developments will be announced in due course.
On Jan. 31, 2021, the company’s board of directors recommended a 36.5% capital cut to SAR 1 billion from SAR 1.575 billion through writing off shares due to excess capital.
The capital reduction is subject to shareholders and regulatory authorities’ approvals.
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