Al Jouf Cement deposits proceeds from fractional shares sale

Al Jouf Cement Co. completed depositing the proceeds from sale of fractional shares, resulting from the company’s capital cut, into shareholders' accounts on Nov. 14, according to a statement on Tadawul.

The company concluded on Sept. 5 the sale of fractional shares resulting from the company’s capital cut, which was approved by the extraordinary general meeting (EGM) on Aug. 29.

The company sold 29,194 shares at an average price of SAR 12.30 each, totaling SAR 359,132.

Shareholders approved, on Aug. 29, the board’s recommendation on a 24% capital reduction to SAR 1.08 billion from SAR 1.43 billion to offset accumulated losses, according to data compiled by Argaam.