Yanbu Cement Co. building

Yanbu Cement Co.’s board of directors on Jan. 30, 2021, recommended 36.5% capital cut to SAR 1 billion from SAR 1.575 billion through writing off shares, as the company had excess capital, the cement producer said in a statement to Tadawul.

 

The process will have no material impact on liabilities, financial, operational, or organizational performance, the company said, expecting the capital cut to bolster its capital structure, profitability and performance indicators.

  

The capital reduction is subject to shareholders and regulatory authorities’ approvals.

 

Yanbu Cement will hire a financial adviser for the capital cut and submit the related request to the Capital Market Authority (CMA) for approval later on.

 

Key Figures of the Capital Reduction

Current Capital

SAR 1.575 bln

Number of shares

157.5 mln shares

Reduction (%)

36.5%

New Capital

SAR 1 bln

Number of new shares

100 mln shares

Method

Cancellation of 57.5 million shares, or 36.5% of capital

Driver

The company has excess capital

 

Comments 0

Be the first to comment

loader Train
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Quotes

YCC
22.46
0.26 1.17%
Created with Highstock 6.0.710:0011:0012:0013:0022.0022.2522.5022.7523.00
Close : 22.50 | Apr 10, 12:26
More


Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2025, Argaam Investment, All Rights Reserved
Call Request

Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.

Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website