Al Jouf Cement says liquidation process for EICO starts

One of Al Jouf Cement's factories

Al Jouf Cement announced liquidating its subsidiary Eastern Industrial Co. (EICO), in which Al Jouf contributes 10% of its capital. The investment value amounts to SAR 136 million, including development expenses of SAR 6 million, the company said in a statement to Tadawul.

If the liquidation procedures are completed, the impact on Al Jouf Cement’s financial statements is expected to be positive as the cement producer will recover all or part of its investment.

The company will announce any developments in this regard later.