Al-Jouf Cement’s shareholders approve 24% capital cut to amortize debt 

RIYADH: Saudi-listed Al-Jouf Cement Co. has received its shareholders’ approval to reduce its capital by 24 percent in order to change its capital structure and amortize its debt.

Its capital has been cut from SR1.43 billion ($381 million) to SR1.09 billion, with 108 million shares being reduced from 143 million, according to a bourse filing. 

The cement producer suffered a 93 percent decline in profits during the first half of 2022 to SR1.8 million.