Al Jouf Cement shareholders to vote on 24% capital cut on Aug. 29

08/08/2022 Argaam

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.

 

Capital Decrease Details

Current Capital

SAR 1.43 bln

Number of Shares

143 mln

Percentage of Decrease

24% (equivalent to 0.24 share for every one share)

New Capital

SAR 1.08 bln

New Number of Shares

1.087 bln

Reason

To restructure the company's capital to amortize SAR 343 mln accumulated losses

Capital Reduction Method

Canceling 34.30 million shares

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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