Al Jouf Cement’s packages
Al Jouf Cement Co. shareholders will vote on a 24% capital decrease to SAR 1.08 billion from SAR 1.43 billion, to amortize accumulated losses, during an extraordinary general assembly meeting (EGM) to be held on Aug. 29, according to a bourse filing.
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Capital Decrease Details |
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Current Capital |
SAR 1.43 bln |
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Number of Shares |
143 mln |
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Percentage of Decrease |
24% (equivalent to 0.24 share for every one share) |
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New Capital |
SAR 1.08 bln |
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New Number of Shares |
1.087 bln |
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Reason |
To restructure the company's capital to amortize SAR 343 mln accumulated losses |
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Capital Reduction Method |
Canceling 34.30 million shares |
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Date of Reduction |
By the end of the second trading day after the EGM in which the capital decrease is approved. |
Shareholders will also vote on appointing Abdullah bin Odeh Al-Anzi as an independent board member, in place of non-executive member Mohammed Saeed Attia, effective as of Aug. 1, 2022, till the end of the current board term on Aug. 5, 2023.
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