Al Jouf Cement delays depositing proceeds from fractional share sale to Nov. 10

Al Jouf Cement Co. said the proceeds from the sale of fractional shares will be deposited into investors’ accounts within 10 working days of receiving the shareholder data file by the bank, which is expected to be completed by Nov. 10.

The delay is attributed to completing the regulatory procedures with the transferring bank and the Securities Depository Center Co. (Edaa), the cement producer said in a statement on Tadawul.

The company previously said that the distribution of proceeds was expected to be completed on Oct. 25, according to data compiled by Argaam.

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.