Al Jouf Cement appoints Wasatah Cap to advise on capital hike, reduction

Logo of Al Jouf Cement Co.

Al Jouf Cement Co. appointed today, May 16, Wasatah Capital as financial advisor for the company’s planned capital cut and rights offering to increase capital later, according to a bourse statement.

The company will announce all relevant updates in due course, including filing the capital reduction and increase applications with to the Capital Market Authority (CMA).

On April 3, Al Jouf Cement’s board of directors recommended reducing capital to SAR 1.08 billion from SAR 1.43 billion, or by 24%, to offset the accumulated losses.

The board also recommended capital increase after the completion of the capital reduction process, to raise capital through a SAR 300 million rights to SAR 1.39 billion, according to Argaam's data.