Yanbu Cement submits capital cut request to CMA

Yanbu Cement Co. submitted on March 4, 2021, a request to the Capital Market Authority (CMA) to reduce its capital by 35.5%, the company said in a bourse statement today, March 10, 2021.

Any relevant developments will be announced in due course.

On Jan. 31, 2021, the company’s board of directors recommended a 36.5% capital cut to SAR 1 billion from SAR 1.575 billion through writing off shares due to excess capital.

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