Yanbu Cement names Al Nefaie Investment as financial advisor for capital cut

Yanbu Cement Co.'s building

Yanbu Cement Co. appointed Al Nefaie Investment Co. as financial advisor for its prospective capital cut process, the company said in a bourse statement.

The company will announce submitting the capital reduction file to the Capital Market Authority (CMA) and any future developments later on, the statement added.

Recently, the cement producer’s board of directors recommended 36.5% capital cut to SAR 1 billion from SAR 1.575 billion through writing off shares, as the company had excess capital, according to data compiled by Argaam.