Al Jouf Cement bags
Shareholders of Al Jouf Cement Co. approved a 24% capital reduction to SAR 1.08 billion from SAR 1.43 billion to offset accumulated losses, during the extraordinary general assembly meeting (EGM) held on Aug. 29, the company said in a statement to Tadawul.
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Capital Reduction Highlights |
|
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Current Capital |
SAR 1.430 bln |
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Number of Shares |
143 mln |
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Percentage of Capital Cut |
24% (0.24 share for every 1 share) |
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New Capital |
SAR 1.087 bln |
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Number of Shares |
108.7 mln |
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Reason |
To restructure capital and offset accumulated losses of SAR 343 mln |
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Method |
Cancelling 34.30 million shares |
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Date of Capital Reduction |
The close of the second trading day following the EGM date |
The company’s shareholders also approved appointing Abdullah Al-Enezi as an independent board member, to replace Mohammed Attia (non-executive), effective from Aug. 1, 2022, to complete the current board term that ends on Aug. 5, 2023.
In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limit will be based on a share price of SAR 13.32 and the outstanding orders will be canceled.
Further, a two-day trading halt will be placed on the stock starting today as per the listing rules.
The Securities Depository Center Co. (Edaa) will apply the capital reduction to shareholders’ portfolios. The halt will be lifted at the close of trading on Aug. 31.
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