Al Jouf Cement Co. gets approval for 24% capital cut

RIYADH: Saudi-listed Al Jouf Cement Co. has received the Capital Market Authority’s approval to reduce its capital by 24 percent. 

The capital reduction is from SR1.43 billion ($381 million) to SR1.08 billion, while the number of shares will decrease from 143 million shares to 108 million shares, according to a bourse filing. 

The approval is conditional on the firm’s general assembly approval and completion of the necessary procedures in relation to the applicable regulations.