Al Jouf Cement files complaint against former chairman to bear GAC fine

Al-Jouf Cement factory

Al Jouf Cement Co. said that it took the necessary legal action regarding its violation of the Competition Law as it registered a complaint before the Capital Market Authority (CMA) against the former board chairman in 2018 to bear the cost of the fine imposed on the company by the General Authority for Competition (GAC), amounting to SAR 10 million.

In a statement on Tadawul, the company asserted that it will not hesitate to take any action or measure to protect the rights of its shareholders and not prejudice the interests of consumers, adding that it totally rejects any practices that violate competition regulations.

Any subsequent developments in this regard will be announced in a timely manner, the statement added.

In April, the company said that the violation of the Competition Law dates back to 2018. However, the final decision was issued in 2022, according to data available on Argaam.

Earlier, GAC fined 14 cement producers in the Kingdom, including Al Jouf Cement, as they colluded to raise cement prices and imposed a penalty of SAR 10 million on each firm.