Al Jouf Cement board scraps capital hike proposal

31/07/2024 Argaam

Al Jouf Cement board scraps capital hike proposal

One of Al Jouf Cement's factories

Al Jouf Cement Co. stated that its board of directors decided to withdraw its previous recommendation on capital increase, which aimed to fulfill the company's financial obligations and distribute dividends, according to a Tadawul statement.

 

The resolution came after the board decided to reschedule the company's loans with both Alinma Bank and Saudi Awwal Bank. In addition, sales improved, which contributed to enhancing cash flows, even as the company implemented various initiatives that led to a reduction in costs.

 

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In April 2022, the board recommended a capital increase through a SAR 300 million rights issue, according to data available with Argaam.

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